Joint Tenancy Pitfalls: The ‘Simple’ Fix that Can Leave Your Family Broke from Austin Estate Planning Lawyer Liz Nielsen

Joint Tenancy Pitfalls

There are many ways to own your assets. When you die, it is only natural that you want your family to share in the bounty of your hard work. As a way to simplify the transfer process and avoid probate, you may be tempted to add a child or other relative to the deed or bank account utilizing the ownership type of joint tenancy with right of survivorship (JTROS). However, while this type of ownership delivers a lot of potential benefits, it may also be masking some dangerous pitfalls.

Recent U.S. Supreme Court Case highlights importance of updating beneficiary designations after divorce from Austin Estate Planning Lawyer Liz Nielsen

Life insurance after divorce

Last week, the United States Supreme Court issued a ruling on a case involving life insurance beneficiary designations  after divorce.  Mark Sveen had named his wife as the beneficiary of his life insurance policy.  They got divorced, but Mr. Sveen did not update the beneficiary.  Court ruled that divorce invalidated the beneficiary designation in favor […]