One effective tool for property owners that are thinking through their estate plans is joint tenancy with the right of survivorship. While this form of ownership might not be right for everyone, it can certainly be an efficient, effective way to both maintain property and avoid probate down the line. Today, our blog offers some basics around joint tenancy with the right of survivorship, with the goal of helping you become well-versed in the strategy as you begin to think through whether it might be a tool you implement for your own assets.
What is Joint Tenancy with the Right of Survivorship?
Joint tenancy with the right of survivorship means that multiple individuals own a piece of property at the same time (“joint tenancy”). It gives each person an equal share of the property they own. Importantly, if one owner dies, the other owner becomes the sole owner (“right of survivorship”). If there are more than two owners and one owner dies, the remaining owners then take an equal share of the property upon the first owner’s death.
What are Some of the Benefits of Joint Tenancy with the Right of Survivorship?
One major advantage of this structure of ownership is that when one owner dies, the property does not have to pass through probate. Instead, ownership is automatically transferred. This can save significant time and money. It also allows the living owner(s) to own the property without any delay; that is, they do not have to wait for the completion of any legal processes before taking ownership of the property, since the property is already in their possession.
Joint tenancy with the right of survivorship also offers the benefits associated with shared ownership, since the property is owned by multiple people. Any costs associated with the property are divided, which takes the burden off each individual owner.
Is Joint Tenancy with the Right of Survivorship Right for You?
Each person’s estate is different, and each person’s situation is different. To find out if joint tenancy with the right of survivorship is right for you, we recommend speaking with an experienced Houston estate planning attorney that can take a look at your circumstances and help you decide whether this is a strategy you might want to use, either now or in the future.
Do You Have a Houston Estate Planning Attorney by Your Side?
At McCulloch & Miller, we are a group of thorough and detail-oriented Houston estate planning attorneys that keep your priorities at the forefront of our strategy. Our legal team provides services backed by over 35 years of experience in the field. We offer peace of mind for our clients, as well as estate planning and probate services that our client community can trust.
To inquire about how to move forward with any aspect of your estate planning process, give us a call today at 713-903-7879. You can also fill out our online form with your contact information to have a Houston estate planning attorney get back in touch with you as soon as possible to discuss next steps.