HOW DOES "JOINT TENANCY" EFFECT A WILL?
Q: How does “joint tenancy” effect a will?
A: Joint tenancy with right of survivorship (FTWROS) is a common legal method of defining property ownership when shared with another person, but it doesn’t replace a will. Typically, this “survivor” is a spouse, but can apply to other relationships. If one of the owners dies, the other becomes the sole owner of the property.
This means that the real estate isn’t part of the decedent’s estate, and therefore, is not subject to probate. However, all parties should be aware of possible tax liability implications (if any) of such survivorship.
Have you inherited a property for which you are needing to sell, or at least get an appraisal? Learn the secrets to getting top dollar for your inherited property in the Houston area by ordering our free report to learn your options. Or contact us to set an appointment today. Our very own Caroline Allison, Harris County's and Fort Bend County’s top probate agent, will contact you to discuss your options.
A: Joint tenancy with right of survivorship (FTWROS) is a common legal method of defining property ownership when shared with another person, but it doesn’t replace a will. Typically, this “survivor” is a spouse, but can apply to other relationships. If one of the owners dies, the other becomes the sole owner of the property.
This means that the real estate isn’t part of the decedent’s estate, and therefore, is not subject to probate. However, all parties should be aware of possible tax liability implications (if any) of such survivorship.
Have you inherited a property for which you are needing to sell, or at least get an appraisal? Learn the secrets to getting top dollar for your inherited property in the Houston area by ordering our free report to learn your options. Or contact us to set an appointment today. Our very own Caroline Allison, Harris County's and Fort Bend County’s top probate agent, will contact you to discuss your options.
