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What is Joint Tenancy

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Information about What is Joint Tenancy
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Published on March 13, 2014

Author: AugulisLawNJ

Source: authorstream.com

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What Is Joint Tenancy With Right of Survivorship?: What Is Joint Tenancy With Right of Survivorship? PowerPoint Presentation: Transferring Property Estate planning involves transferring property to someone else This can be done in a number of different ways: This can be done in a number of different ways You should explore your options thoroughly when you are planning your estate: You should explore your options thoroughly when you are planning your estate PowerPoint Presentation: You can use a last will to arrange for the future transfer of your property Last Will 1 PowerPoint Presentation: This is the most commonly used ESTATE PLANNING DEVICE PowerPoint Presentation: Trusts can also be used to transfer property to others Trusts 2 There are various different types of trusts that are used in the field of estate planning: There are various different types of trusts that are used in the field of estate planning The optimal choice will vary depending on the circumstances: The optimal choice will vary depending on the circumstances PowerPoint Presentation: Joint Tenancy With Right of Survivorship 3 Another way to transfer property to someone else would be to use joint tenancy with right of survivorship PowerPoint Presentation: A joint tenant is simply a co-owner that you add to the title of your property PowerPoint Presentation: RIGHT OF SURVIVORSHIP gives the co-owner the right to inherit the entirety of the property after you pass away PowerPoint Presentation: The Joint Tenant's Problems Become Your Problems Joint tenancy can seem like a simple solution However, there are potential problems that can arise: However, there are potential problems that can arise If the joint tenant was to run into financial difficulties, the property held in joint tenancy could be targeted by creditors and litigants: If the joint tenant was to run into financial difficulties, the property held in joint tenancy could be targeted by creditors and litigants It would also be in play during divorce settlement proceedings: It would also be in play during divorce settlement proceedings PowerPoint Presentation: Sale of the Property Let's say that you wanted to sell the property that was held in joint tenancy PowerPoint Presentation: You want to travel the world for a couple of years to satisfy a lifelong dream This would not be possible unless the joint tenant signed off on the sale: This would not be possible unless the joint tenant signed off on the sale He or she may be unwilling to do so, because it is not in his or her future interests: He or she may be unwilling to do so, because it is not in his or her future interests PowerPoint Presentation: Better Options Exist These are just a couple of the problems with joint tenancy, but there are others PowerPoint Presentation: The wise course of action is discuss things in detail with a licensed estate planning attorney PowerPoint Presentation: You don't want to fall for so-called easy answers when you are planning ahead for the future PowerPoint Presentation: Central New Jersey Estate Planning Consultation Central New Jersey Estate Planning Consultation PowerPoint Presentation: If you live in or around Warren, New Jersey contact our firm to schedule a free estate planning consultation PowerPoint Presentation: Click to visit: AugulisLawFirm.com (908) 222-8803

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