What Is Joint Tenancy?

People sometimes look for shortcuts that sound effective on the surface, and this enters into the realm of estate planning. Joint tenancy is one of the shortcuts that you should understand thoroughly. You may want to take pause before you buy into the notion that it is an ideal estate planning solution. Let s look at the facts. Co-Ownership of Property Joint tenancy sounds kind of complicated, but in reality, it is simply co-ownership of property. Let s say that you want your grandson to inherit your home after you pass away. If you make your grandson a joint tenant, he would own half of the home while you are living. After you die, he would inherit your portion of the home, and he would own the home in its entirety. One of the positives about joint tenancy is the fact that it facilitates probate avoidance. If you maintain sole, personal possession of the property and name your grandson as the inheritor in your last will, the transfer would not take place immediately. The property wou
http://www.norcalplanners.com/blog/estate-planning/joint-tenancy/