Joint tenancy can be a simple probate avoidance technique because property held in joint tenancy passes automatically to the surviving owner, rather than passing through the deceased owner’s estate.

Joint tenancy can be a simple probate avoidance technique for certain assets because property held in joint tenancy with a right of survivorship generally passes automatically to the surviving joint owner when one owner dies, rather than passing through the deceased owner’s probate estate. This approach is commonly considered for real estate and financial accounts, but it should be used carefully because adding another person as a joint owner can create significant consequences during your lifetime, including loss of control, exposure to the other owner’s creditors, potential gift and tax issues, and unintended changes to your overall estate plan. In Washington and Idaho, married couples may also have other options for transferring property outside of probate, including community property agreements, beneficiary designations, transfer-on-death arrangements, and Revocable Living Trusts. Before adding a child, family member, or anyone else as a joint owner simply to avoid probate, talk with an experienced lawyer about whether joint tenancy fits your particular circumstances and how it will coordinate with the rest of your estate plan.

If you have questions about joint tenancy or other probate avoidance techniques or about estate planning in general, give us a call at 253.858.5434 to see how we can help.