BLACK & BROWN FAMILY WEALTH MATTERS: Click here to learn how we are working to support you.
PROTEJA SU HOGAR Y SU FAMILIA - Se Habla Espanol. Haga clic aquí!
  • Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • Our Firm
    • About Our Firm
    • Areas We Serve
      • Los Angeles County
        • Inglewood
        • Malibu
        • Santa Monica
        • Torrance
        • Venice
    • Pre Consultation Form
    • Attorney and Staff Profiles
      • Attorney Caprice Collins
    • Awards & Recognition
    • Giving Back
    • Our Reviews
    • Speaker Connection
    • Staff Events
  • Services
    • Asset & Business Planning
    • Estate And Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses
    • Financial Planning Assistance
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning Services
    • LGBTQ Estate Planning
    • Medi-Cal and Elder Law
    • Pet Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
      • Trust Administration & Probate Definitions
  • EVENTS
  • Resources
    • Elder Law
      • Ladera Heights Elder Law
      • Los Angeles County Elder Law
      • Elder Law & Medicaid Definitions
      • Elder Law Reports
      • Medi-Cal Planning Checklist
    • Estate Planning
      • Estate Planning Checkup
      • Estate Planning Reports
        • Advanced Estate Planning
        • Basic Estate Planning
        • Estate Planning For Niches
        • Trust Administration
      • Estate Planning Definitions
      • Estate and Gift Tax Figures
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Free Estate Planning Worksheet
    • Free Seminars
    • Frequently Asked Questions
      • Business Succession Planning
      • Dying Intestate in California
      • Elder Law
        • Medi-Cal
        • Nursing Home Planning
        • Understanding Dementia
      • Estate Planning
        • Charitable Gifting
        • Estate Planning for Women
        • Frequently Asked Questions for Families Without an Estate Plan
        • LGBTQ Estate Planning
      • Financial Planning
        • Tax Planning in Your Estate Plan
      • Incapacity Planning
        • Veteran’s Benefits
      • Legacy Wealth Planning
      • Pet Planning
      • Power of Attorney
      • Probate
        • Serving as Executor
        • Small Estate Administration
      • Social Security Retirement Benefits
      • Trust Administration & Probate
      • Trusts
        • Trust Beneficiaries
        • Living Trusts
      • Understanding Estate Taxes and How They Impact Your Estate Plan
      • What You Need to Know to Protect Your Assets
    • Legacy Wealth Planning Pre-Consultation Form
    • Newsletters
    • Probate and Trust Administration
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss of a Loved One
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
    • Published Books
    • The Ultimate Caregiver Guide
    • Caregiver’s Worksheets and Checklists
  • Videos
  • Reviews
    • Our Reviews
    • Review Us
  • Women’s Planning
    • A Guide to Estate Planning for Women
    • Frequently Asked Questions
  • Trust Administration
  • Blog
  • Contact Us

Collins Law Group

Los Angeles Estate Planning Attorney

powered by BirdEye

Connect with us today(310) 677-9787

Attend a FREE Event

oprime aqui para
traducir a español

x

How to Protect Your Family In Case of Your Illness or Death

During our webinar, we discuss family home protection, avoiding nursing home poverty, preventing family feuds, protecting your kids' inheritance, and how you can keep the government out of your affairs.

Watch our webinar now
Home » Estate Planning » What Is Joint Tenancy?

What Is Joint Tenancy?

May 14, 2015Estate Planning

What Is Joint Tenancy?There are a number of different ways to make sure that your loved ones receive your property after you pass away. Joint tenancy is one possibility.

Co-Ownership of Property

If you own property, you could choose to add a co-owner to the title or deed of the property. This person would become a joint tenant in legal parlance.

To provide a simple example, let’s assume that you own your home outright. You want your son to inherit your home after you pass away, so you add him to the title as a joint tenant.

Property that is held in joint tenancy would be transferred to the surviving joint tenant after the passing of the other joint tenant, assuming there were just two co-owners. It is possible to add multiple joint tenants to your property if this is your choice.

Using our example, if you make your son the sole joint tenant, your son would inherit the entirety of the property after your death.

Why would you want to consider joint tenancy when you could simply leave the home to your son in your last will? The answer is that your son would not inherit the property right away if you arrange for its transfer through the terms of your last will.

After your passing, the will would be admitted to probate by the executor. Probate is a legal process, and it takes place under the supervision of a court.

This process would take close to a year, even if the case is simple and straightforward. As a result, your son would have to wait out the process before he could inherit the home.

Property that is held in joint tenancy would pass to the surviving joint tenant outside of probate.

Drawbacks of Joint Tenancy

Joint tenancy can sound appealing when you first hear about it, but there is something important to take into consideration. The joint tenant would own half of the property as soon as you change the title.

As a result, if the joint tenant was to run into legal or financial problems, the portion of the property that is owned by the joint tenant could be subject to attachment.

In addition to this, you would need the cooperation of the joint tenant if you wanted to sell the property in its entirety.

Learn More About Joint Tenancy

We have assembled a library of electronic special reports that we house on this website. These reports cover multiple different estate planning and elder law topics.

There is a report in this library that is devoted to the subject of joint tenancy. If you would like to learn more, visit this page to access your copy: Joint Tenancy Report.

To Schedule a Free Consultation

If you are interested in the possibility of working with our firm after learning these facts, please select our “Workshops” tab to RSVP for a free estate planning workshop. At that workshop you will be offered a free one-hour consultation with an attorney:  www.collinslawgroup.com/seminars/

 

  • Author
  • Recent Posts
Caprice Collins
Caprice Collins
Attorney Caprice L. Collins is a top rated Harvard Law School graduate. She has 34 years of legal experience with a successful law practice devoted exclusively to Estate/Business Planning and Trust Administration. Attorney Collins is a well-respected keynote speaker on Wills, Living Trusts, Estate Planning, Business Planning and Trust Administration. She has appeared on California’s Real Estate Radio Station KTLK AM 1150 as a legal expert on Estate Planning and Living Trusts among many other notable media appearances.
Caprice Collins
Latest posts by Caprice Collins (see all)
  • Estate Planning in Four Simple Steps - July 26, 2023
  • Estate Planning Is Not a One-and-Done Endeavor - July 24, 2023
  • 10 Steps to Take after Receiving a Terminal Diagnosis - July 3, 2023

Other Articles You May Find Useful

Terminal diagnosis
10 Steps to Take after Receiving a Terminal Diagnosis
Details estate plan
Should I Share the Details of My Estate Plan?
probate
Why Do People Avoid Probate?
estate planning for blended families
Estate Planning for Blended Families: Navigating Complexities and Ensuring Security
legacy planning
Legacy Planning vs. Estate Planning: Understanding the Differences
Can the Beneficiary of My Life Insurance Policy Be a Trust?

Primary Sidebar

Collins Law Group

Blog Subscription

Sign up to our blog to receive the latest estate planning news and updates!

  • This field is for validation purposes and should be left unchanged.

Our Attorney

Attorney Caprice Collins

Get to Know Attorney Caprice Collins


Follow Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube
  • Instagram
  • Pinterest

Testimonials

Client Review
August 19, 2020
    

“My mother told me about the Collins Law Group and I must say, the entire experience has been a real pleasure. Although I was nervous at first, the Collins Law Group staff put me at ease with their friendliness and knowledge. I didn’t realize how hard it could be on your family and loved ones left behind if you die without any planning or directions in place for them. My biggest concern was making sure my elderly mother would be provided for and taken care of if something happened to me. I have been a caregiver for her for 12 years, so this planning was crucially important. I had previously made a living trust for myself on Legal Zoom but there is no comparison to the level of service and professionalism that Collins Law Group embodies. Attorney Collins and her staff provides excellent service and it will take a large burden off of my family when they need guidance at the time of my passing.”

default image
-Ms. Jones

Where We Are

Collins Law Group
3330 West Manchester Boulevard
Inglewood, CA 90305
Phone: (310) 677-9787
Fax: (310) 677-6742
Email: clcfirm@aol.com

See Larger Map Get Directions

Office Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 5:00 PM

Map

Collins Law Group Google Map

Footer

  • About Our Firm
  • Advantages of Working With Our Firm
  • Services
  • Sitemap
  • Resources
  • Blog
  • Contact Us

Connect with Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube
  • Instagram
  • Pinterest
Collins Law Group footer logo

Attorney Advertisement

© 2023 American Academy of Estate Planning Attorneys, Inc.