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Real Life Problems with Joint Tenancy

October 24, 2012 by Morris Hall, PLLC 1 Comment

This week I was reminded once again of the problems associated with joint tenancy.  Many Americans believe joint tenancy is a great form of estate planning.  It allows you to avoid death probate when one joint tenant passes away.  However, you still have a death probate problem when the remaining joint tenant passes away.  You can also have problems if you want to pull equity from the real property or if you wish to sell it.

The following is a true example of how joint tenancy fails as an estate planning tool. Bob and Mary, a married couple, owned their home in joint tenancy with right of survivorship.  Mary died.  Bob was grateful that the home was owned as joint tenants as he did not have to open a probate proceeding to take control of the house.  He automatically became the sole owner of the property.  He was so pleased with this result that he decided to add his only child, Jim, to the title of the house as a joint tenant.  Several years passed.  Bob met Susan and got remarried.  As they are getting older, they decided it would be more appropriate for them to be in a smaller home.  Bob decided to sell his home and use the proceeds to purchase a new, smaller home.  The problem is that Jim will not agree to the sale of the home.  Without Jim’s consent, the property cannot be sold.  Unfortunately, this situation ruined the relationship between father and son.

Bob could have avoided this problem by creating a revocable living trust to own the property.  Bob would have maintained sole control of the property during his lifetime and the property would have transferred to his son outside of probate upon his death.  By using joint tenancy as his estate plan, Bob not only lost control of his home but also lost a very important relationship.

Contributed by MH Mesa and Scottsdale Estate Planning Attorney and Partner Katherine A. O’Connell

What the Attorneys of Morris Hall Can Do For You:
The attorneys at Morris Hall have 100’s of years of combined experience ensuring that families’ assets are protected from probate, unnecessary taxes, creditors, ex-spouses and Medicaid spend-down.  The attorneys also help those in Arizona to apply for and receive Medicaid assistance and Veterans Benefits.  Our Arizona offices are located in Phoenix, Mesa, Scottsdale, Cave Creek, Tucson, Prescott, Flagstaff and Arrowhead.    Contact us today at 888.222.1328 to schedule an appointment!

This blog should be used for informational purposes only.  It does not create an attorney-client relationship with any reader and should not be construed as legal advice.  If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.

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Morris Hall, PLLC
Morris Hall, PLLC
Company at Morris Hall, PLLC
For more than five decades, Morris Hall has been providing quality estate planning legal services for its clients seeking opportunities to preserve wealth and assets through estate preservation plans.

In fact, estate planning, asset preservation and probate law have been our only areas of practice. We are proud to have helped thousands of individuals of all levels of wealth and assets, people concerned about protecting their families from the devastating legal and financial effects of disability and death.
Morris Hall, PLLC
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