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Pros & Cons of Joint Tenancy: Is It the Best Way to Pass Down Property? Law Offices of Tony J Tyre

https://www.tyrelawgroup.com/estate-p... Many clients have questions about joint ownership or property and specifically whether holding assets jointly or adding another individual to their property is a good way to pass down property upon their death. How does Joint Tenancy work? Joint tenancy is a way of holding title to property whereby all joint owners have equal undivided interest. Both real property as well as financial assets can be held in joint tenancy. Here are the pros and cons of Joint Tenancy: Under joint tenancy joint owners cannot transfer, encumber or alienate their individual interests in their property. The biggest advantage of holding a property in joint tenancy is the right of survivorship. Which means, upon the death of one joint owner, title to the asset automatically passes to the remaining joint owners without a need to go to probate court. However, there are some major drawbacks to holding property in joint tenancy. For one, if all joint owners pass away simultaneously, then the result would be multiple costly and time consuming probate proceedings for each joint owner. Another serious issue with holding property in joint tenancy is joint liability. Because, all joint owners share an undivided unified interest in the property. If one joint owner gets sued, then the entire property is subject to attachment by that person's creditors. Finally, adding another person to your property as a joint tenant during your lifetime creates a major tax disadvantage. And the other joint owner will not be eligible to receive a full step up in basis when they inherit that property upon your death. As a result, that person will get hit with substantial capital gains taxes if and when they sell that property. Before adding someone to your property as a joint tenant, you should consider consulting with an estate planning attorney to discuss setting up a living trust to better protect your assets. If you would like to learn more about living trusts, please visit our website at https://www.tyrelawgroup.com or call us at 626-858-9378 To schedule a consultation: https://www.tyrelawgroup.com/contact-us/ Read more about estate planning at https://www.tyrelawgroup.com/estate-p... Read our latest blog: https://www.tyrelawgroup.com/blog/