${site.data.firmName}${SEMFirmNameAlt}
Throughout Southern California
310-324-9403
Toll-Free
866-402-1805
<#if page.ID == "About"> In This Section
<#else> View Our Practice Areas

Joint Ownership Risks

6a017d3e6b2617970c01901dad82d1970b-320wi.jpgThere are many reasons why an individual would add others names' to the title of his or her property... Except between spouses (called tenancy by the entirety), joint ownership is usually a bad idea.

"Ownership" can be a tricky concept. It should come as no surprise that "joint ownership" is often doubly tricky.

A recent article in Forbes reviews some of "The Perils Of Joint Ownership."

Having two people named as owners, legally dubbed "joint tenants with right of survivorship," or "joint tenancy" for short, is quite common amongst the elderly and families after transition. Unfortunately, unless the joint owners are spouses (the most common form of joint ownership by far) it can quickly become a problematic scenario.

Imagine: homes, bank accounts, and other common assets being controlled by two independent minds with independent agendas. The original article has a few examples, but an all-too-common scenario is the older relative and a younger relative owning the assets of the older relative in joint tenancy. If and when the younger relative realizes that he or she has the power to use and enjoy the joint assets, then problems are not far behind.

What are some concrete concerns? The original article fleshes out three:

  1. Once a person's name is added to the title of property, it can be undone only with his or her consent.
  2. Property held in joint tenancy is immediately subject to claims of each joint tenant's creditors.
  3. Joint tenancy can produce unintended results.

Sometimes joint tenancy is a valid option, and even a quite beneficial one. That noted, there are other safer alternative means to reach the same ends.

No Comments

Leave a comment
Comment Information
Email Us For A Response

Find Out The Difference That Experience And Expertise Makes

Get the peace of mind that you deserve. First, attend a seminar. This will entitle you to a free initial consultation and a discounted estate planning fee. To learn more about our services or sign up for a seminar, contact us online or call us at 866-402-1805. We have offices in Torrance, Orange, Newport Beach, Pasadena and Woodland Hills.

Questions? Contact Us.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Call Now For A Free Consultation: 866-402-1805
  • ${site.data.firmName}${SEMFirmNameAlt}
  • Main Office: Torrance

    Torrance Office
    990 West 190th Street
    Suite 500
    Torrance, CA 90502

    Toll Free: 866-402-1805
    Map & Directions

    Orange Office
    333 City Boulevard Street
    17th Floor
    Orange, CA 92660

    Toll Free: 866-402-1805
    Map & Directions

    Newport Beach Office
    5000 Birch Street
    Suite 8000
    Newport Beach, CA 92660

    Toll Free: 866-402-1805
    Map & Directions

    Pasadena Office
    790 East Colorado Boulevard
    9th Floor
    Pasadena, CA 91101

    Toll Free: 866-402-1805
    Map & Directions

    Woodland Hills Office
    5850 Canoga Avenue
    4th Floor
    Woodland Hills, CA 91367

    Toll Free: 866-402-1805
    Map & Directions

    Office map