Creation of Joint Tenancies for Estate Planning
A joint tenancy, with rights of survivorship, is a property ownership designation. Joint tenants to property have the same title, rights to possess and interest in that property.
The right of survivorship allows a deceased tenant's (owner's) property interest to automatically pass to the other tenant (owner). As a survivor, the living joint tenant would then own the property in whole.
This is often used in incapacity planning as a strategy to allow a joint tenant to assist in making decisions relevant to that property (as oppose to another incapacity planning strategy). However, it may not be a good asset protection strategy.
Also, in the event the incapacitated person passes, that property automatically goes to the surviving joint tenant quickly and easily without involving probate.
This is a great tool to utilize and explore in your incapacity and estate planning.
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