Joint Ownership Between Generations

It's a typical scenario. Elder in a family starts thinking about his/her death and his/her property. They want to avoid probate, and do not want to pay for an attorney. So, operating on what they think is wise, they start adding the name of a younger person to the deed or title. Life goes on, they die, and then the problems start. And they usually end up in the office of an attorney, one of the things the elder had hoped to avoid. And in some cases, the elder may end up in an attorney's office before dying. Why? The younger person that was added to the title is now bankrupt, divorced, being sued, or died themselves....and what happens to the property then? The answer is usually not what the elder wants to hear.

Forbes addressed this issue well, and the Wills, Trusts, and Estates Prof Blog offered a concise summary. Read more by clicking on the links.

I cannot emphasize enough how important it is to hire a lawyer to consult on estate planning measures. A blog is not legal advice, it is food for thought.