The Dangers of Joint Ownership

• Joint tenancy is the most frequent form of ownership of stocks, bonds, real estate, and bank accounts in the U.S. Many financial advisors recommend joint tenancy because it avoids probate.

• There are times when joint ownership may be appropriate. For instance, an adult child may hold joint ownership of an aging parent’s checking account to assist him or her in paying bills.

• Joint ownership also presents more potential trouble than any other legal status in estate planning, however. Most people don’t realize that joint ownership almost always supersedes the stipulations of a will.

• Improper use of joint ownership can result in the following:

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1. Make the jointly held assets vulnerable to suits and judgments against any one of the joint owners.
2. Make it much easier for any one of the joint owners to take all the jointly held assets without permission of the other joint owners.
3. Make a will legally ineffective.
4. Increase estate taxes at the death of the surviving joint owner.

• Review all the assets you currently hold in joint tenancy. If you sense that any of them may present a potential problem, consider changing joint tenancy to another form of ownership, such as individual ownership, trust, or limited partnership.

Disclaimer: This article is provided for information use only. It does not take the place of an attorney, a tax advisor, or an accountant. Always seek out the advice of a licensed professional before undertaking any significant change in your financial situation.

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