Joint tenancy is a way of avoiding probate. When a joint tenant dies, his or her interest in the asset vests in the surviving joint tenant or joint tenants.
To discuss the benefits and disadvantages of creating a joint tenancy, contact a San Francisco attorney at The Evans Law Firm at 415-441-8669 or 888-50-EVANS or firstname.lastname@example.org to schedule a free initial consultation.
Oakland Attorneys, Advising on Rights of Joint Tenants
If property is owned in joint tenancy, the surviving joint tenant will receive the deceased joint tenant’s interest in the property, regardless of what that person’s will or trust says about the property. An exception would be if both joint tenants died simultaneously, in which case their wills would control their interest in the asset.
Some advantages of a joint tenancy include:
- Joint tenancy avoids probate.
- Title to real property can be cleared after a death by filing an affidavit of death of joint tenant.
Some disadvantages are:
- The stepup in basis is limited for married couples who own property in joint tenancy.
- The asset will usually be probated after the death of the surviving joint tenant unless it is put into another joint tenancy or a trust.
- The tax planning advantages used in a living trust, such as the creation of an exemption trust, are not possible for joint tenancy property.
Avoid Probate With the Help of The Evans Law Firm
To discuss the rights of joint tenants, please call 415-441-8669 or contact us online via e-mail to schedule a free initial consultation. Our San Francisco lawyers represent clients in Oakland and other communities throughout California.