Periodically I write about the perils of Joint Ownership, and it’s time for another update. My clients keep telling me about their joint accounts with their children’s names on them. When I inform them of the possible pitfalls they are always shocked. I recently heard a first hand example of another disastrous result. Joint Ownership means that two or more people own an asset, each having a complete and undivided interest in the property, usually along with a right of survivorship. Right of Survivorship means that the last living joint owner has the entire rights to the property. Joint Ownership is often used with Real Estate, Bank Accounts, Savings Bonds, and Certificates of Deposit. The biggest advantage of joint ownership is that it is quick and easy. You just add another’s name to your bank account, and they have immediate access to the funds, and they will automatically own the funds if you pass away, without probate or other paperwork. However, there are several
This blog is written by Elder Law Attorney, Edward H. Adamsky. You will find articles about Elder Law, Estate Planning, Special Needs, Disability, Alzheimer's Disease, Powers of Attorney, Health Care Directives, and other issues of important to families and elders.