I frequently get questions from my clients about how to avoid probate by retitling property. If your desire is to avoid probate, a properly funded revocable trust can do that. However, certain types of property ownership can also avoid probate. There are three categories of property ownership – property titled in your name, in joint names with others, or by contract. Below is a summary of each type of property ownership and whether or not you can use it to avoid probate.
joint tenancy
Estate Planning Myth #3
MYTH: Holding property in a joint tenancy arrangement is a cost effective way to avoid probate. FACT: Holding property in a joint tenancy arrangement can avoid probate; however, there can be negative consequences to doing so. The joint tenant has ownership rights in the property leaving the property subject to the joint tenants creditors. For example, a … Read more