Will A Joint Tenancy Avoid Probate Expenses?

To some extent, joint holdings will reduce probate involvement and expense. However, while joint assets will avoid the formal estate administration that is required when property passes under a will, other costs may well arise. Steps must be taken to reregister the assets in the survivor`s name and to comply with the various state and federal tax requirements. The process is not as quick and easy, nor as inexpensive, as one might think. In addition, placing assets in joint names with another, especially someone other than a spouse, creates uncertainties and subjects the assets to the disadvantages discussed below.

The information on this page is meant to provide a general overview of the law. The laws in your state and/or city may deviate significantly from those described here. If you have specific questions related to your situation you should speak with a local attorney.

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