If you are recently married or have been married and are acquiring additional assets, know that you have options when it comes to how the property will be titled. And, although joint tenancy seems like an easy and convenient choice, it may not work as well as you would think. What is Joint Tenancy? After […]
Joint Tenancy Pitfalls: The ‘Simple’ Fix that Can Leave Your Family Broke from Austin Estate Planning Lawyer Liz Nielsen
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.