Probate in California - Palm Springs Probate Lawyer
Joint tenancy is a common way to avoid probate on assets and property. Property held in joint tenancy is commonly not subject to probate, making it an easy way to transfer property without subjecting those assets to probate. A Palm Springs probate lawyer is an excellent source of information about joint tenancy and other topics having to do with probate, but there are some general answers to frequently asked questions about joint tenancy and how it can help you avoid probate.
What is joint tenancy?
When two or more people own equal shares of a property, it is held in joint tenancy. If one of the owners dies, their portion of the property is divided evenly among the surviving owners.
What kind of property can be held in joint tenancy?
Most commonly, joint tenancy is used for real estate, bank accounts, stocks and bonds and automobiles.
How do I create a joint tenancy?
In order to create a joint tenancy, you must have a written document (a deed or title, for instance) that states that the property is held in joint tenancy.
Are there implications of joint tenancy on probate that I should be aware of?
Yes. Property and assets held in joint tenancy are considered part of the decedent's estate, and will be subject to estate taxes upon transfer. You should always consult a Palm Springs probate lawyer before creating or ending a joint tenancy.
If there is no probate, how do I change the title to real estate after the other joint tenant dies?
While you won't have to go to court to establish ownership, there is an established procedure for passing property owned in joint tenancy. You'll need a certified copy of the death certificate and an Affidavit of Death of Joint Tenant signed by someone with "knowledge of the facts". As stated before, there may be tax implications when you end a joint tenancy. Always consult a probate attorney who can explain all the consequences to you. Once you have the documents, take them to the recorders' office of the county in which the real estate is located.
How do I change the title of an automobile owned in joint tenancy?
You'll need to get the certificate of ownership and registration card reissued. In order to do that, you'll need the current ownership certificate, the registration card and a certified copy of the death certificate. Take the documents to the office of the National Automobile Club of California nearest to you to have the documents reissued.
How do I remove the deceased's name from bank accounts held in joint tenancy?
Generally, you'll simply need to bring a copy of the death certificate to the bank along with a check for the balance of the account, or the pass book for the account.
Any of these actions can have tax implications, so you should always check with an experienced Palm Springs probate lawyer before creating or closing out a joint tenancy. A Palm Springs Probate Lawyer can also assist you with other types of estate planning and probate decisions.
