Should We Use Joint Ownership of Property with Adult Children?

Exploring strategies to make your estate plan as optimal and strategic as possible is highly recommended. Finding an experienced and qualified estate planning lawyer is very valuable to help you decide the best ways to own property or even share property with children in NH.

Gifting a piece of property outright may not be the right choice for you, which could lead you down the path of deciding how best to approach ensuring that they receive this property and have access. You may be exploring whether or not making them a joint owner is the best solution for estate planning purposes.

You may be curious about the benefits and the potential downsides of joint ownership. This may be referred to as joint tenancy. This is an arrangement in which beneficiaries are able to access your account without having to go through court. This often takes place with business partners and couples who may need access to one another’s real estate, personal property, brokerage accounts and bank accounts.

The biggest benefits of using joint tenancy ownership include sharing responsibility, maintaining continuity in the event that the other person is unable or unwilling to manage the account and avoiding probate courts.

However, depending on who you name and a joint tenancy agreement, you need to be aware of potential pitfalls, such as the possibility for the assets to be frozen, the need for parties to agree on what to do with the asset and potential loss of control over the distribution of assets after death. Communicating with a qualified estate planning attorney is one of the only ways to verify what is truly in your best interest. Scheduling a consultation with an experienced and knowledgeable lawyer should be done immediately.