• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • Our Firm
    • About Our Firm
    • Attorney and Staff Profiles
  • Services
    • Asset & Business Planning
    • Dental Practice Law
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Financial Planning Assistance
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Medicaid and Elder Law
    • SECURE Act
    • Special Needs Planning
    • Trust Administration
  • Elder Law
    • Coping With Alzheimer’s
    • Emergency Medicaid & Nursing Home Planning
    • Guardianship & Conservatorship
    • Hospice Care
    • Medicaid Planning
    • Veteran’s Benefits
  • Resources
    • DocuBank
    • Elder Law
      • Elder Law & Medicaid Definitions
      • Elder Law Reports
      • Elder Law Resources
        • Carmel, Indiana Elder Resources
        • Fishers Indiana Elder Law Resources
        • Greenfield, Indiana Elder Law Resources
        • Greenwood Elder Resources
        • Indianapolis Elder Law Resources
        • Lawrence Elder Law Resources
        • Plainfield Elder Resources
        • Zionsville Elder Law Resources
    • Estate Planning
      • Estate Planning Checkup
      • Estate and Gift Tax Figures
      • Estate Planning Definitions
      • Estate Planning Reports
        • Advanced Estate Planning
        • Basic Estate Planning
        • Estate Planning for Niches
        • Trust Administration
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Free Estate Planning Worksheet
    • Frequently Asked Questions
      • Asset Protection Planning
        • Business Succession Planning
      • Elder Abuse
      • Elder Law
        • Medicaid
        • Medicaid Planning
        • Planning for Long-Term Care
      • Estate Planning
        • Avoiding Estate Taxes
        • Estate Planning for Parents
        • Frequently Asked Questions for Families Without an Estate Plan
        • LGBTQ Estate Planning
        • Women and the Need for Estate Planning
      • Financial Planning
      • Incapacity Planning
      • Legacy Wealth Planning
      • Pet Planning
      • Philanthropy in Your Estate Plan
      • Probate
      • Power of Attorney
      • Small Estate Administration
      • Trusts
        • Trust Administration
        • Trust Administration
        • Serving as Executor
      • Understanding Your Social Security Retirement Benefits
      • Wills
        • Contesting a Will
    • Newsletter
    • Pre Consultation Form
    • Probate and Trust Administration
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss Of A Loved One
      • Probate Resources
        • Carmel, Indiana Probate Resources
        • Greenfield Probate
        • Greenwood Probate
        • Indianapolis Probate
        • Plainfield Probate
        • Indiana Probate
        • Zionsville Probate
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
  • Reviews
    • Our Reviews
    • Review Us
  • Areas We Serve
    • Boone County
      • Lebanon
      • Zionsville
    • Hamilton County
      • Carmel
      • Fishers
    • Hancock County
      • Greenfield
    • Hendricks County
      • Brownsburg
      • Plainfield
    • Johnson County
      • Franklin, Indiana
      • Greenwood
    • Marion County
      • Central Indiana
      • Indianapolis
  • Blog
  • Contact Us

Frank & Kraft, Attorneys at Law

Indianapolis Estate Planning Attorneys

CONNECT WITH US TODAY(317) 684-1100

Attend a Free Workshop
Home » Should I Create a Joint Tenancy With My Child?

Should I Create a Joint Tenancy With My Child?

July 3, 2014Estate Planning, Parents w/Young Children

When you are looking around for information about estate planning, you may hear about joint tenancy.  There are always those who are looking for easy answers, and joint tenancy can seem like a simple solution on the surface.

Joint tenancy is a somewhat fancy way of describing co-ownership.  If you add someone to the title or deed of property that you own, this person would become a joint tenant.

When you pass away in direct personal possession of property and you arrange for its distribution through the terms of a last will, the property becomes probate property at first.  It will not be distributed to the heirs to the estate until after the process of probate has run its course.

This process can be time-consuming, and considerable expenses can pile up during probate.  As a result, many people look for ways to avoid it.

Joint tenancy typically comes with right of survivorship.  If you add a joint tenant to property that you own, the joint tenant would assume ownership of the the entirety of the property after you pass away.  The transfer of ownership would take place outside of the process of probate.

Drawbacks of Joint Tenancy

Though this may sound great, there are some drawbacks that you may want to take into consideration.  The major drawback is the fact that you are surrendering ownership of half of the property when you add a joint tenant.

You have no way of knowing if the joint tenant will run into financial and/or legal difficulties at some point in time.  Even responsible people are sometimes targeted by litigants seeking redress.  If the joint tenant was to become the target of a lawsuit, his or her portion of the property that is held in joint tenancy could be attached.

There is also the matter of divorce proceedings.  The joint tenant owns half of the property, plain and simple.  His or her portion of the property would be in play if a divorce was to take place.

Tax liens could also be placed on the property, and creditors could come forward with the property in their cross hairs.

If you wanted to sell the property, you could not do so without the approval of the joint tenant, and this is another drawback.

You may tell the joint tenant to sell the property after you die and distribute the assets among multiple heirs.  There is nothing legally compelling the joint tenant to follow your instructions.

Before you decide that joint tenancy is right for you, you may want to discuss things in detail with a licensed estate planning attorney.  If you want to take action, contact us through this website to request a free consultation.

  • Author
  • Recent Posts
Paul A. Kraft, Estate Planning Attorney
Paul A. Kraft, Estate Planning Attorney
Paul Kraft is Co-Founder and the senior Principal of Frank & Kraft, one of the leading law firms in Indiana in the area of estate planning as well as business and tax planning.

Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.
Paul A. Kraft, Estate Planning Attorney
Latest posts by Paul A. Kraft, Estate Planning Attorney (see all)
  • Is a Senior Life Settlement Right for Me? - February 2, 2023
  • Understanding the Annual Exclusion - January 31, 2023
  • Updated Federal Gift and Estate Tax Figures for 2023 - January 26, 2023

Other Articles You May Find Useful

Top 10 Estate Planning Tips
Indianapolis estate planning attorneys
The Pros and Cons of Sharing Your Estate Plan with Loved Ones
question mark
Answers to 5 Common Estate Planning Questions
Inheritance and bequest
Is an Inheritance and a Bequest the Same Thing?
estate plan
Why Do I Need an Estate Plan?
LGBT History Month
Reviewing Your Estate Plan for LGBT History Month

Primary Sidebar

Frank & Kraft, Attorneys at Law

Download our free Estate Planning Worksheet

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

Follow Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube

Blog Subscription

Where We Are

Frank & Kraft Attorneys at Law
135 N. Pennsylvania Street Suite 1100
Indianapolis, IN 46204-2485
Phone: (317) 684-1100
Fax: (317) 684-6111

See Larger MapGet directions

Office Hours

Monday8:00 AM - 5:00 PM
Tuesday8:00 AM - 5:00 PM
Wednesday8:00 AM - 5:00 PM
Thursday8:00 AM - 5:00 PM
Friday8:00 AM - 5:00 PM

Map

frankkraft_sidbr_map

Footer

  • Advantages of Working With Our Firm
  • About The American Academy
  • Disclaimer
  • Privacy Policy
  • Sitemap
  • Contact Us

Connect with Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube
footer-logo

Frank & Kraft Attorneys at Law
Attorney Advertisement

© 2023 American Academy of Estate Planning Attorneys, Inc.

© 2023 · American Academy of Estate Planning Attorneys, Inc. | Disclaimer | Privacy Policy | Sitemap | Contact Us