Category Archives: Joint Ownership
Be Careful With The Family Home
Thoughts of “the family home” usually bring fond memories – a familiar place that serves as an anchor for relatives and friends. I have many clients who have lived in their homes for three or four decades and now, in spite of the economic downturn, enjoy a substantial increase of their home’s value over… Read More »
Forcing a Property Co-Owner to Sell
Our lives are constantly changing, which in turn changes our plans, our goals, and our commitments. Dissension among heirs can arise when two or more family members (usually siblings or cousins) inherit a piece of real estate, and those life changes affect the new owners’ plans for the property. If there is a dispute… Read More »
Problems Created by the “Right of Survivorship”
In my practice I am confronted on a regular basis by a common problem – the use of joint tenancy deeds to create joint interests in real estate without a full understanding of the impact of joint tenancy. Joint tenancy, by legal definition, carries with it the right of survivorship so that only the… Read More »
The Pitfalls of Joint Tenancy as an Estate Planning Tool Pt. II
In the past I received a telephone call that points out the negative consequences of adding someone else’s name to your property as an estate planning tool. The elderly caller asked me what she could do to get $20,000 back from her daughter who had taken the money from her (the mother’s) bank account… Read More »
The Pitfalls of Joint Tenancy as an Estate Planning Tool Pt. I
Under the law, real property held in a form of title called “joint tenancy” avoids the court probate system when one of the joint tenants passes away. I have heard of many people who try to simplify their estate planning and avoid court probate charges by simply having a new deed drawn up to… Read More »