What is holding your property in Joint Tenancy?
The technical term for this is “Joint Tenancy with Rights of Survivorship”, and it is actually an Estate Planning tool.
In some instances, you are holding property or living with one or more individuals in Joint Tenancy. One example is if there are two people holding a property together and one of those people passes away. The surviving tenant then gets one hundred percent of the property.
In this case, the surviving tenant does not have to go to probate court to get the property and they don’t have to ask the judge to put it in their name. It’s just automatically going to be in their name because it was held in joint tenancy with rights of survivorship.
This is sort of an unknown simple Estate Planning tool that you can use to ensure that if something were to happen to you, the person you live with would get your home.
If you want to learn more about this or anything else related to Estate Planning and Probate, we are currently offer complimentary 15 minute phone consultations and would be more than happy to answer any questions you may have. You can book your consultation directly online, or you can give us a call at (702)850-7798.