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Is it possible to do joint tenancy of the property?
16-Sep-2023 (In Landlord/Tenant Law)
If parents want to do joint tenancy with their only a single child out of many to avoid probate after death. Can they make a child joint tenancy to avoid probate? What is mechanism to do joint tenancy with child? What is pitfalls of joint tenancy? Any other mechanism to transfer property to a single child after demise without probate. Thanks
Joint tenancy is unquestionably the most popular probate-avoidance device around. And why not? Property owned in joint tenancy automatically passes, without probate, to the surviving owner(s) when one owner dies. Setting up a joint tenancy is easy, and it doesn't cost a penny.
Pitfall:
• The last surviving joint tenant must use another method to avoid probate at his or her death.
• Probate is not avoided if both owners die simultaneously (a very unlikely event).
• Share of each owner must be equal (except in Colorado, Connecticut, Ohio, or Vermont).
• If you own property by yourself, adding a joint tenant requires making a gift of a half-interest in the property.
The other method is that person transfer the property to their single son by way of Will which is registered.
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Adv. Siddhant Sharma
Delhi | 200+ Answers
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