Shane Smith Law
(980) 246-2656
about us about us

What are the Advantages and Disadvantages of Holding Property in Joint Tenancy?

Many people want their spouses and children to receive their real-estate property when they die. For this reason, many homeowners create a revocable living trust so that the property is held in the trust and does not have to go through probate. However, for those who only want to create a will and do not have or want a trust, there is still a way to escape probate.Property held as joint tenants can bypass probate. This means that real-estate property held in joint tenancy is not and cannot be part of the probate process. When one of the joint tenants passes away, the property passes to the co-owner of the property without having to go through the probate process. By sharing ownership of the property, the property is automatically passed to the surviving owner by right of survivorship.

Advantages of Joint Tenancy

By holding property in joint tenancy, there are many benefits, such as:

  • Joint tenancy properties bypass probate.
  • Creditors cannot access property held in joint tenancy.
  • The process is private so that your matters aren’t part of public record.
  • It provides for clear title transfer to the surviving joint tenant.

For a free legal consultation, call (980) 246-2656

Are There Any Disadvantages of Joint Tenancy?

While there are many advantages of holding property in joint tenancy, there are a few disadvantages, including:

  • You cannot leave a portion of property held in joint tenancy to another person besides the co-owner.
  • Joint property could potentially be lost if there is a judgment against your joint tenant.
  • There is an increase in estate taxes.

To find out if holding property in joint tenancy is in your best interest, or for help creating a will or a living trust, contact an experienced Georgia estate-planning lawyer for advice. A knowledgeable lawyer will be able to advise you which way you should title property and what would be best for your estate-planning needs. Contact Shane Smith Law for a free consultation at (980) 246-2656 to learn more about your options today.

Call or text (980) 246-2656 or complete a Free Case Evaluation form

IN PAIN? CALL sHANE!

Please fill out the quick contact form,
WE WILL CONTACT YOU WITHIN 24 HOURS!

    By clicking the checkbox labeled with the opt-in terms and conditions and then clicking submit, contacts will agree to receive SMS messaging

    Our Promise To You
    solutions

    Providing Answers & Solutions

    We understand that this can be a scary and overwhelming time. We pride ourselves on providing you with the answers you need to make educated decisions about your case. Each step of the way we want to ensure you are fully aware and on board with the trajectory of your case.

    personal-injury

    Solely Focused on Personal Injury

    Unlike other firms, our ONLY focus is helping individuals and families who have been wrongfully injured. We dedicate all of our time, efforts, and resources to those who have been injured because of someone else's negligence.

    case

    No Case is too Big or Small

    When you have been injured, whether it's a small accident or a major one, our team dedicates the same amount of professionalism and commitment to maximize your result. Small or large we are committed to getting you a good and fair settlement.

    recovery

    Focused on Your Recovery

    At Shane Smith Law, we care about you, the individual. We genuinely want you to feel better and get good treatment. Thus, we not only help you obtain results, but we also help you obtain quality doctors and providers.