What is Joint Tenancy with Right of Survivorship?

1
What Is Joint Tenancy With Right of Survivorship?
2
Transferring Property
Estate planning involves transferring property to
someone else
3
This can be done in a number of different ways
4
You should explore your options thoroughly when
you are planning your estate
5
1
Last Will
You can use a last will to arrange for the future
transfer of your property
6
This is the most commonly used ESTATE PLANNING
DEVICE
7
2
Trusts
Trusts can also be used to transfer property to
others
8
There are various different types of trusts that
are used in the field of estate planning
9
The optimal choice will vary depending on the
circumstances
10
3
Joint Tenancy With Right of Survivorship
Another way to transfer property to someone else
would be to use joint tenancy with right of
survivorship
11
A joint tenant is simply a co-owner that you add
to the title of your property
12
RIGHT OF SURVIVORSHIP gives the co-owner the
right to inherit the entirety of the property
after you pass away
13
The Joint Tenant's Problems Become Your Problems
Joint tenancy can seem like a simple solution
14
However, there are potential problems that can
arise
15
If the joint tenant was to run into financial
difficulties, the property held in joint tenancy
could be targeted by creditors and litigants
16
It would also be in play during divorce
settlement proceedings
17
Sale of the Property
Let's say that you wanted to sell the property
that was held in joint tenancy
18
You want to travel the world for a couple of
years to satisfy a lifelong dream
19
This would not be possible unless the joint
tenant signed off on the sale
20
He or she may be unwilling to do so, because it
is not in his or her future interests
21
Better Options Exist
These are just a couple of the problems with
joint tenancy, but there are others
22
The wise course of action is discuss things in
detail with a licensed estate planning attorney
23
You don't want to fall for so-called easy answers
when you are planning ahead for the future
24
Central New Jersey Estate Planning Consultation
Central New Jersey Estate Planning Consultation
25
If you live in or around Warren, New Jersey
contact our firm to schedule a free estate
planning consultation
26

• Click to visit AugulisLawFirm.com
• [phone]