The Dangers of Joint Tenancy

Most couples own their home together, jointly. Their home is either owned as Joint Tenants, Tenants in Common, Tenants in the Entirety, or as Community Property. One of the benefits of owing it jointly is that when one of the owners passes away, the other one automatically becomes the sole owner, no probate, no delays. This sounds alright at first until you consider what would happen if you were to die in an accident together, or what happens when the second spouse passes? The answer is the property must go through probate. *See my post on probate Some people when they realize their property is still vulnerable to probate come up with a solution that creates more problems than it solves.

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