Joint Tenancy in Estate Planning

Start by gathering information on joint tenancy with right of survivorship. Understand the legal definition, how it differs from tenancy in common, and its implications in your jurisdiction.

Identify which of your assets are held in joint tenancy and thus subject to right of survivorship. Typically, these can be real estate, bank accounts, and other substantial assets.

Consult with an estate planning attorney to get professional advice specific to your situation. A lawyer will help you understand how your joint tenancy assets will pass to co-owners upon your death.

Discuss alternative estate planning strategies with your attorney that may suit your goals, such as setting up a trust or drafting a will that complements your joint tenancy plans.

Communicate your intentions and the details of your estate plan with family members or any other involved parties to ensure clear understanding and to prevent future disputes.

Review all pertinent documents, such as deeds or bank account records, to verify they accurately reflect the joint tenancy and that the right of survivorship is properly established.

Regularly update your estate plan as life circumstances change. This may include alterations due to marriage, divorce, births, deaths, or significant changes in assets.

Be aware of the tax implications that joint tenancy may have on estate tax and inheritance tax. Assets may be subject to taxes that can affect the overall estate.

Understand that laws regarding joint tenancy and estate planning can vary significantly from one state to another. Ensure compliance with state-specific regulations.