California law allows an individual to own real estate as a “joint tenant” with another person. This means that when one of the individuals dies, his ownership in the property immediately passes to the surviving joint tenant. Because of this, joint tenancy can be a very effective way to pass real estate from one person to another without wasting the time and money on probate. However, to use joint tenancy as an estate-planning tool, you should work closely with an experienced lawyer. Especially someone who knows the steps you need to take to protect your interests.

I provide exceptional estate planning counsel to individuals throughout Southern California. I am more than happy to provide a free consultation to learn about your particular situation, so that I can protect your interests. I want to build a long-term relationships with you as a client based on trust and communication.

How Do I Set Up Joint Ownership of Real Estate?

To set up a joint tenancy, you may need to prepare several legal documents. If you want to speak with me about it, email me at  mark@trustabell.com  or call my office at (310) 498-0707.

Are There Any Downsides to Joint Tenancy?

The short answer is yes. First, you may pay more capital gains tax when (and if) you sell the property. Second, you may be taking on the liability of the other joint tenant. In joint tenancy, each person may be liable for debts of the other persons. If you add a person on title to your real estate as a joint tenant and he gets divorced or has a judgment against him, your portion of the real estate could be seized to satisfy his judgment. Third, you could unintentionally disinherit certain people. If you have a joint tenancy between spouses, problems can arise later on if there are stepchildren or a second marriage.

If you want to speak with me, email me at mark@trustabell.com or call my office at (310) 498-0707.

The post What is Joint Tenancy? appeared first on Law Office of Mark Abell.