What is joint tenancy property? Should I use a right of survivorship account?
Joint tenancy is a way of owning property (personal property or real estate) in the name of two or more people. Additionally, if title is held with right of survivorship, ownership automatically passes to the surviving joint tenant(s) when one person dies. In some states, the survivorship feature is automatic and presumed. In Texas, a joint tenancy is not automatically by survivorship – it must specifically state so. If held by suvivorship, joint tenant property is not subject to probate. Generally, one only has to produce a death certificate in order to have control of the property. (One example is a joint bank account, with right of survivorship). There may be disadvantages to this arrangement. Creditors of either joint tenant can attach the asset. It may also frustrate estate tax savings that are anticipated from carefully drafted Wills and trusts. (move next paragraph here)Placing property in joint tenancy may disinherit children or others since property held in joint tenancy passe
Joint tenancy is a way of owning property (personal property or real estate) in the name of two or more people. Additionally, if title is held with right of survivorship, Title or ownership automatically passes to the surviving joint tenant(s) when one person dies. In some states, the survivorship feature is automatic and presumed. In Texas, a joint tenancy is not automatically by survivorship it must specifically state so. If held by suvivorship, Jjoint tenant property is not subject to probate. Generally, one only has to produce a death certificate in order to have control of the property. (One example is a joint bank account, with right of survivorship). There may be income tax disadvantages to this arrangement. and the joint tenancy is dissolved after one tenant dies. Creditors of either joint tenant can attach the asset. It may also frustrate estate tax savings that are anticipated from carefully drafted wWills and trusts. (move next paragraph here) PPlacing property in joint tena
