The Unintended Consequences Of Joint Tenancy (Mistake/Traps)

Joint tenancy is one of the most common way of estate planning in order to reduce probate fees. However, the actual application is a lot more complicated than it seems and many people create unintended consequences due to poor planning. This video will look at both a hypothetical and real case in court where joint tenancy is mishandled.

This is not financial advice!

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▼ Time Stamps

[0:00] Start
[0:59] Joint Tenancy & Its Unintended Consequence
[5:24] How We Could Have Done Better?
[6:16] Further Problem With Joint Tenancy
[7:39] Zeligs Vs Janes Joint Tenancy Court Case

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[buildingmanager]

What about Tenants in Common, adding a 2 nd person to the deed?

[kennyclleung]

Very interesting case study, thanks for sharing!

[adrisazrealtor]

My current joint tenancy problem is that I bought a house under joint tenancy with rights of survivorship with a Co-Signer. He helped by co-signing, but I paid for everything and I pay the mortgage, I have possession, do upgrades, maintenance, and all bills are under my name. He was just helping me obtain the home. Now there's a judgement out to get him. He has the homestead exemption protecting his home, but it doesn't cover his interest on my home. I want to sever the joint tenancy because I pay for everything and I would like every thing to go to my family if I pass away. Lawyer is telling me that if he releases his interest that it is fraudulent, I feel defeated because he actually has no interest monetarily, it was just a favor.

[ZeniaNeal]

I wouldn't want leave any property or assets to people who cant sit and have mature responsible decisions. Thats something that definitely has to improve before I feel comfortable. I would never have siblings with destructive mindsets to gandle my affairs. That would lead to losses for myself. Its sad when you cant trust the people closest to you. Thats why whoever is over my house has to work in my best interest not their pockets. No one thst cares about me would gave handled things the way they been so far. Now its a mess with sharks all around.

[et]

Thanks for sharing, good timing as just drafting a power of attorney and Wills

[ZeniaNeal]

I never had access to Jack and never given an option to share. Especially when it was solely mine. My choice to do anything was robbed from me.