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 opposed 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.

Yes, You Can Lose Everything!

You may think that your wealth is safe and that you don't need protection. But don't delude yourself and accept reality — for every 60 minutes you spend making money, spend 60 seconds thinking about how to protect it!