Linda Sommers Green | Jointly Owned Property

Law Office of

Linda Sommers Green, LLC

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Estate Planning and Wealth Preservation

FAQ:

If all of my property is jointly-owned with my spouse or loved ones, why do I need further estate planning?

There are a number of drawbacks to relying on jointly-owned property as your primary estate planning tool.

Jointly owned property can pass to unintended heirs, particularly in the event of the death of both joint tenants.
On the death of one spouse, all control of property passes to the surviving spouse, who might be subject to emotional influence from children or a second spouse.
In second marriages, assets that are jointly titled between the spouses pass to the surviving spouse and may never benefit children from the first marriage.
Joint tenancy does not avoid probate. The probate proceeding is merely delayed until the death of the second joint tenant.
Joint tenancy does not accomplish any estate tax planning.
Joint tenancy may lead to unanticipated gift and estate taxes when used between non-spouses or between parents and children.