Call and schedule a consultation today: (417) 667-5500 kendall@vickerslawfirm.com
How Can We Help?
< Back
You are here:
Print

The most common estate plan is creation of concurrent or joint interests with persons whom you wish to receive your property at your death. This arrangement does have the advantage of avoiding probate, in that if the estate is a joint tenancy or tenancy by the entirety, property will pass to the surviving joint tenant at the death of the other joint tenant. The disadvantage, however, is that if the person to whom you wish the property to pass at your death predeceases you, the property will be subject to probate at your death unless another tenant is subsequently added. If you and a joint tenant were to be killed in a simultaneous occurrence, the property would be distributed pro rata to the respective probate estates of each of you. There would be no alternative disposition specified. The survivorship feature can result in property being vested in minors and in duplicate probate. Furthermore, the creation of a concurrent estate is presumed to create a gift. Thus, if you wish to withdraw or revoke the gift, you could be prevented from doing so by lack of cooperation by the other joint tenant.

Previous What is a trust?
Next Why not use pay-on-death or transfer-on-death arrangements for personal property or beneficiary deeds for real estate?
Table of Contents