September 14, 2009
Todd C. Ratner, Esq.
Joint tenancy is a form of co-ownership. An advantage is that when one co-owners dies, the surviving co-owner instant has access to the jointly held property, eliminating the need for probate. However, joint tenancy can have its perils.
- Control Issues: By providing someone with co-ownership, you give them control of your asset. If you add another person as co-owner of your home, you cannot sell or mortgage the home unless that person agrees.
- Creditor Issues: If creditors seek out your co-owner for outstanding debt owed, the creditors may be able to obtain part of your home or bank account that is held in joint tenancy.
- Relationship Issues: If you and your co-owner experience a falling out, the co-owner may be able to take all of the money out of the bank account.
You may read more at the link below.
by: Todd C. Ratner
August 31, 2009