It will be advantageous for your heirs if they can avoid the probate process after your passing. One way this will be possible is if you establish joint tenancy for your property. A probate lawyer can help you with this. Joint tenancy and other estate planning options can help give you peace of mind that your loved ones will be taken care of in the way that you choose. Call us today to make an appointment with a probate lawyer from our firm to learn how we can help you and your loved ones.
How Joint Tenancy Works
When you share ownership of a property with another person, this is referred to as joint tenancy. After you pass away, the surviving co-owner of the property will automatically inherit your share of the property. As a result, property or assets that you jointly own will not go into probate.
- If you leave a will, your share of the jointly owned property will transfer to the other owner.
- If you do not leave a will, your share of the jointly owned property will transfer to the other owner regardless of intestate succession laws. Intestate refers to a person dying without leaving a will or other estate planning tool, which triggers certain laws. (Your probate lawyer can provide you with more information on this.)
The Advantages of Joint Tenancy
A probate lawyer can review your circumstances and provide more information as to how joint tenancy might affect you specifically, based on those circumstances. Generally speaking, you can expect the following:
- Money savings. With the help of a lawyer, you can form a joint tenancy fairly easily and for not much cost. However, the tax savings that you will provide the joint tenant can be substantial.
- A clear transfer of the property’s title to the joint tenant. This can reduce stress during what might be an emotionally charged time in your heir’s time of grief after your passing. In addition, a clear transfer will not be as costly as title transfers that are more complicated.
- Protection from creditors. After your passing, and before your assets can pass to your heirs, your creditors must be paid whatever monies you owed them. However, if your property automatically passes to your joint tenant, that property will not be vulnerable to creditors.
- Effortless and convenient. A probate or estate planning lawyer can help you establish an estate plan that can be easily modified as needed. Life changes often require changes in one’s estate plan to reflect one’s current wishes. With the help of a lawyer from our firm, we can make this process painless. Joint tenancy is one estate planning tool that you can use to your and your heir’s advantage.
- Privacy. Joint tenancy is one of several estate planning tools that allows you and your heirs to retain more privacy. The reason for this is that bypasses the probate process which is made public and allows anyone to know the details of who inherited what assets.
Probate and Estate Planning Guidance You Can Trust
If you would like to know more about joint tenancy and other estate planning tools that can help your heirs avoid probate, contact an experienced probate attorney Allentown, PA relies on.
Thank you to our friends and contributors at Klenk Law for their insight into estate planning and probate.