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DOES JOINT TENANCY AVOID PROBATE?

April 26, 2017avoid Joint probate tenancy

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DOES JOINT TENANCY AVOID PROBATE?

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No. Holding title to property as joint tenants merely delays probate. Additionally, there are many other disadvantages related to holding property in joint tenancy, such as loss of control, capital gains tax, and subjecting your assets to the other joint owners liabilities.

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A. No, it is not automated. Each Joint Tenant is required to sign documents on all major transactions involving joint property. If one of the owners is mentally disabled and incapable of handling financial matters, everything will have to wait until the Probate Court takes control.