Incapacity Planning – Joint Tenancy
Estate Planning is the managing and passing of your assets through the
preparation of documents and re-titling of assets. The process of linking
with Estate Planning is called integrated Estate Planning and they work
together to form a comprehensive plan. Having one without the other is
incomplete. Every person should have an estate plan so that they can control
who gets their assets at death. In addition, the estate plan covers an
individual should he or she become incapacitated.
Joint tenancy occurs when two or more people own property together with
rights of survivorship. This means that the surviving tenant inherits
the interest of a deceased tenant. For instance, if there are three people
who own property as joint tenants with rights of survivorship, they will
each own 33.33% percent of that property. If one of the joint tenants
dies, the remaining two joint tenants will then own 50% of the property.
This can be useful if a person has not made a Will and becomes incapacitated
because this type of ownership passes outside of probate.
However, the downside to this ownership is that if one joint tenant becomes
incapacitated, it becomes more complicated to sell the joint property.
Only an authorized agent or guardian of the incapacitated joint tenant
may sign the paperwork for the sale.
Please visit my website or contact me directly if you would like any more
information regarding Asset Protection or Estate Planning, or would like
a copy of my best-selling books on Asset Protection (complimentary if
you mention this Blog).
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