There is an expression that is often used about a little knowledge being a dangerous thing. This applies to the estate planning process, like many other things. People often hear about so-called “simple solutions” that sound great on the surface. However, when you know all the facts, you often see gaping holes in many of these notions. In this post, we will look at a few of them so that you understand the limitations and potential drawbacks. Joint Tenancy With Right of Survivorship Some … [Read more...] about Don’t Oversimplify the Planning Process
You may hear about different ways that assets can be transferred after you pass away. If you do not know much about the intricacies of estate planning, they can sound like great ideas. That being said, you should really know the facts so that you can make truly informed decisions. Some of the so-called “simple solutions” are not that simple in the long run. Joint Tenancy With Right of Survivorship If you own a home, you can add a co-owner to the title or deed of the property. This … [Read more...] about Asset Transfers: When Simplicity Gets Complicated
There are various different ways that you can transfer property to someone else, either while you are living, or after you pass away. To create an effective estate plan you should consult with an estate planning attorney, gain an understanding of all of your options, ask questions, and make informed decisions. If you buy into some easy answers that you hear people talking about around the water cooler, negative consequences could result. One of these notions is the idea that joint tenancy is a … [Read more...] about What If I Create a Joint Tenancy With My Child?
Probate is a legal process that comes into play when you maintain sole personal possession of property that will be transferred to your heirs someday. Because other interested parties may have claims against the estate, the heirs don't receive their inheritances until the estate has been probated. Probate in Charlotte North Carolina can be time-consuming. As a result, people often take steps to avoid it. The utilization of joint tenancy with right of survivorship in Charlotte NC would be a way … [Read more...] about What Is Joint Tenancy With Right of Survivorship in Charlotte NC?
If you’re taking a look at your asset ownership when creating your estate plan, you may be considering using joint tenancy as a way to own certain assets. This can be beneficial in many cases, but it has many pitfalls. We’ve outlined below some information on the use of joint ownership. If you have any questions, or if you’d like to discuss how joint ownership would affect your estate plan, meet with an estate planning attorney. What is joint tenancy? Joint tenancy is a form of ownership in … [Read more...] about Is Joint Tenancy a Good Fit for Me?
People often share ownership of money and assets by putting someone else on an account or deed under Joint Tenancy. One of the main advantages of Joint Tenancy is that when one of the owners dies, the property will automatically go to the other owner, and there is no need for a will or probate. But there are disadvantages you should consider before putting someone else’s name on something. If you have a home and have listed someone as co-owner as Joint Tenants, you will not be able to do … [Read more...] about Potential Problems With Joint Tenancy