Pro and Cons of owing a home as joint tenants

[beangel40]

How would you like to take title to your new home, Mr. and Mrs. Buyer?" the attorney or title closing settlement officer asks.

Thinking fast, you wisely ask, "Well, how do most married couples take title?"

The reply is usually something like: "Most couples take title in joint tenancy."
Not wanting to appear stupid or uninformed, you reply, "That's fine with us." But do you fully understand the pros and cons of holding joint-tenancy title?

read more here http://www.homepages.com/article.asp...7-bfcf4f7a469a

[bartongrl1]

Another wealth of information. Even though most states do recoginize the joint tenancy, it is always good to have a survivorship clause added to the deed. That way probate can be avoided upon death of one or the other of the owners.

[beangel40]

That is a very good idea Barton and is a very good thing to have to protect the surviving spouse or significant other

[aceswild]

Thanks for posting this. I wasn't very familiar with just how indepth it is. I had always assumed that joint tenants was the best way.

[beangel40]

You are so veryb welcome we all take it for granted that a joint venture is the smartest thing but we are learning that may not be the best intrest for all partys involved

[Penny]

Yes good information, but the risks of simultaneous death or death of a spouse committed by another are pretty low. Joint tenancy was made for the pupose of not having to spend money on opening a probate in order to divide the estate. Also for the protection on one half selling their half to someone else or even a portion to another without the other halfs consent.

I would have to disagree on the joint tenancy being one half owning 50% and the other owner 50%. That is not true. Tenants in common would be 50/50 but joint tenancy is a joint 100%.

[bartongrl1]

For example, suppose John and Mary Buyer purchase their home as joint tenants. Each therefore owns a 50 percent share. However, when their daughter, Suzy, becomes 18 they decide to add her as an additional joint tenant.

So this means that each ones owns 50%.

4. IN A PARTITION LAWSUIT, ONE JOINT TENANT CAN FORCE A SALE OF THE PROPERTY. In most states, one joint tenant co-owner can bring a partition lawsuit to force a sale of the property. The same result applies to tenants in common.

This is a case where one person can force the other into selling the property. And there can be more than just 2 people in the joint tenancy agreement in which case each would own one third of the property and so on.

It is also a good idea for each one to have a will to say what would happen to their portion of the joint tenancy upon their death.

[beangel40]

Aging parents often want to name a child as a joint owner of a house or other property to avoid estate problems. It's not a good idea, lawyers say

read more here http://moneycentral.msn.com/content/...ate/P42070.asp

[bartongrl1]

Yes, doing things that way can cause a lot of problem, and there are other alternatives to some of them but not to all of them. This is something that people need to look into before putting it in action.

What about a living will? What effect would that have on this scenario?

[beangel40]

Here are three sites that will explaine what a Living Will is and There are other information there also to answer all or most of you questions hope this helps

Advance Directives,Living Wills,Power of Attorney:What is the Difference
http://estate.findlaw.com/estate-pla...finitions.html

Living Wills:Introduction http://estate.findlaw.com/estate-pla...ing-wills.html

State Laws:Living Wills http://estate.findlaw.com/estate-pla...ing-wills.html