What is wrong with joint tenancy as a probate avoidance technique?
As between a husband and wife, joint tenancy is usually comfortable and effective. Naming your child as joint tenant, however, is usually not advisable. He or she may get divorced, go bankrupt, get sued or have other financial setbacks — and expose your assets to his or her troubles. You and your child may come to disagree about how your money should be spent, or whether your home should be sold. If you name one of your children as joint tenant, relying on him or her to share with siblings, you are completely trusting the named child to do “the right thing” after your death — without giving him or her any direction about what “the right thing” is. You may also complicate your own long-term care by creating a joint tenancy, leading to the possibility that you might not qualify for Medicaid assistance but still not be able to liquidate your assets to pay for your care.
