The co-owners can each have the same shares, for example, each owning half, or they can agree to a different arrangement. The default type of joint ownership is known as “ tenants in common.” Each owner owns their part of the property individually.Jointly owned property can be shared in three ways: Your daughter is suggesting that you include her in the ownership of your home. That said, properly doing this can be a great planning tool to accomplish specific goals. ![]() Depending on how it is done, it can raise your property taxes, increase your liability, and create a situation where you need to ask your kids for permission to sell or mortgage your home. However, transferring an interest in your home can have significant consequences. This lets your family grieve your loss rather than dealing with creditors, lawyers and bankers.Ī typical planning tool is to deed your loved ones onto your property with you. The point of planning your estate is to ensure your assets and savings go your loved ones instead of creditors in a way that is simple and inexpensive for those you leave behind. You can use many tools, such as wills, life estate deeds, trusts, and joint tenancy, which, individually or in combination, might be the right choice for your circumstances. There is no “right” way to plan your estate there is only the best way based on your situation. Is this safe and something I should do? – LauraĪnswer: Planning for our eventual demise can save those we leave behind a lot of headaches. I want to make things easier, but I don’t know what this means. ![]() ![]() – Question: My daughter wants me to put my apartment into a joint tenancy with survivorship to make things easier when I eventually pass away.
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