Question: Should I put all of my assets in joint tenancy?
Answer: No! There are times when titling a particular item of property in joint tenancy makes sense. However, putting all your assets in joint tenancy, especially without proper planning, can be disastrous. Your joint tenant isn’t just a signer, he or she owns an undivided one-half (½) of your assets. Nothing prevents a joint tenant from clearing out all of your bank account; and nothing prevents a creditor of your joint tenant from executing judgments against your joint tenant’s interest in your property. If your will says “leave everything to my daughter,” but your assets are in joint tenancy (with right of survivorship) with your son, then your son will take everything when you die; not your daughter.
If you need help with this or other elder care / senior care legal matters, you can find thousands of Elder Law Attorneys from across America on ElderCareMatters.com – America’s National Directory of Elder Care / Senior Care Resources for Families.
You can also find Elder Law Attorneys on ElderLawAttorneys.us and Estate Planning Attorneys on EstatePlanningAttorneys.us – 2 additional websites sponsored exclusively by the national ElderCare Matters Alliance.
John J. Campbell, Esq., CELA
Law Offices of John J. Campbell, P.C.
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