• Menu
  • Skip to right header navigation
  • Skip to main content
  • Skip to secondary navigation
  • Skip to footer

Before Header

Call us today for help!  (631) 265-0599
  • Facebook
  • LinkedIn
  • Twitter
  • YouTube

Mark S. Eghrari & Associates PLLC

Long Island Elder Law & Estate Planning

  • Home
  • Who We Are
    • About Our Firm
    • Meet Our Team
  • Resources
    • Client Resources
      • Definitions
      • Docubank
      • Elder Law Resources
        • Brentwood Elder Law
        • Central Islip Elder Law
        • Commack Elder Law
        • Hauppage Elder Law
        • Smithtown Elder Law
      • Estate Planning Resources
        • Estate Planning Check Up
        • Estate and Gift Tax Figures
        • Estate Planning Techniques
        • Estate Planning Worksheet
        • FREE Estate Planning Seminars
        • Long Island Estate Planning Resources
      • New York Medicaid Resources
        • Medicaid Planning Worksheet
      • Nursing Home Resources
      • Probate Resources
        • Brentwood Probate
        • Central Islip Probate
        • Commack Probate
        • Hauppage Probate
        • Smithtown Probate
        • Suffolk County Probate Resources & Checklist
      • Presentations
      • Retirement Planning Checklist
      • Trust Administration Resources
    • Elder Law Reports
    • Frequently Asked Questions
      • Business Planning
      • Estate Planning
      • Families Without an Estate Plan
      • Incapacity Planning
      • LGBTQ Estate Planning
      • Medicaid Planning
      • Probate
      • Trust Administration
      • Trust Administration & Probate
      • Wills and Trusts
    • Reports
  • Estate Planning
    • Asset Protection & Business Planning
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses
    • Incapacity Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
    • Young Families
  • Elder Law
    • Coping With Alzheimer’s
    • Emergency Medicaid & Nursing Home Planning
    • Guardianship & Conservatorship
    • Hospice Care
    • Medicaid Planning
    • Veteran’s Benefits
  • Areas We Serve
    • Long Island
    • Nassau County
      • Oyster Bay
    • Suffolk County
      • Brentwood
      • Central Islip
      • Commack
      • Hauppauge
      • Smithtown
  • Blog
  • Contact Us

Mobile Menu

  • Home
  • Who We Are
    • About Our Firm
    • Meet Our Team
  • Resources
    • Client Resources
      • Definitions
      • Docubank
      • Elder Law Resources
        • Brentwood Elder Law
        • Central Islip Elder Law
        • Commack Elder Law
        • Hauppage Elder Law
        • Smithtown Elder Law
      • Estate Planning Resources
        • Estate Planning Check Up
        • Estate and Gift Tax Figures
        • Estate Planning Techniques
        • Estate Planning Worksheet
        • FREE Estate Planning Seminars
        • Long Island Estate Planning Resources
      • New York Medicaid Resources
        • Medicaid Planning Worksheet
      • Nursing Home Resources
      • Probate Resources
        • Brentwood Probate
        • Central Islip Probate
        • Commack Probate
        • Hauppage Probate
        • Smithtown Probate
        • Suffolk County Probate Resources & Checklist
      • Presentations
      • Retirement Planning Checklist
      • Trust Administration Resources
    • Elder Law Reports
    • Frequently Asked Questions
      • Business Planning
      • Estate Planning
      • Families Without an Estate Plan
      • Incapacity Planning
      • LGBTQ Estate Planning
      • Medicaid Planning
      • Probate
      • Trust Administration
      • Trust Administration & Probate
      • Wills and Trusts
    • Reports
  • Estate Planning
    • Asset Protection & Business Planning
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses
    • Incapacity Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
    • Young Families
  • Elder Law
    • Coping With Alzheimer’s
    • Emergency Medicaid & Nursing Home Planning
    • Guardianship & Conservatorship
    • Hospice Care
    • Medicaid Planning
    • Veteran’s Benefits
  • Areas We Serve
    • Long Island
    • Nassau County
      • Oyster Bay
    • Suffolk County
      • Brentwood
      • Central Islip
      • Commack
      • Hauppauge
      • Smithtown
  • Blog
  • Contact Us

What Is Joint Tenancy With Right of Survivorship in Smithtown NY?

joint tenancy with right of survivorship in smithtown nyYou have to beware of do-it-yourself estate planning solutions. Many people procrastinate when it comes to estate planning, though they know that they should have a plan in place. People who are in this position often decide to take matters into their own hands. With this in mind, let’s look at joint tenancy with right of survivorship in Smithtown NY.

Co-Ownership of Property

When you use joint tenancy with right of survivorship you are adding a co-owner to the title of your property. This co-owner is called a joint tenant. The right of survivorship allows the surviving joint tenant to inherit the entirety of the property (assuming there was just one joint tenant).

The transfer of property would take place outside of the process of probate. If you retained sole ownership of your property until the time of your death and left it to someone in your will, the transfer would not be complete until the estate had been probated.

Probate can be time-consuming, and there are costs that go along with the process. For these reasons many people choose to arrange for asset transfers outside of probate.

DIY types may hear about joint tenancy and see it as a way to simply and easily arrange for the transfer of their property.

Not So Fast

There are actually some problems that can arise if you use joint tenancy to transfer property. Let’s say that you add a joint tenant to the title of your home today.  The joint tenant immediately owns half of your home.

Your intention is to leave the entirety of the home to your joint tenant after you die. This is just a means to an end in your mind. However, from a legal perspective, you no longer own the entirety of the home.

If your joint tenant runs into any type of financial problems, these difficulties are going to become your problems. The property held in joint tenancy is partially owned by the person that you added to your deed. As a result, this share of the property would be fair game for creditors, litigants, tax collectors, and former spouses-to-be.

It is likely that your home is the most valuable single piece of property that you own. You may have multiple different people on your inheritance list. Perhaps you would like to see the home sold so that the liquidity could be spread among multiple different people that you love.

Because you like to do things for yourself, you see a simple solution. You add a single joint tenant and instruct this individual to sell the home after you die and spread around the liquidity in a particular way.

Once you die, the surviving joint tenant owns the property outright. This individual is not legally compelled to follow your verbal instructions. Your desire to take matters into your own hands could ultimately result in unintended negative consequences.

 

  • Author
  • Recent Posts
Mark S. Eghrari, Estate Planning Attorney
Mark S. Eghrari is an attorney in private practice in Smithtown, New York. He has been in practice since 1988. Mark S. Eghrari provides extensive estate and tax planning services to individuals and businesses. Mr. Eghrari’s primary focus is helping clients avoid probate, minimize or eliminate Federal and State Estate taxes and protect their assets from the high cost of nursing care, if they become ill.
Latest posts by Mark S. Eghrari, Estate Planning Attorney (see all)
  • Special Needs Planning and Medicaid Recovery - March 21, 2019
  • Have You Considered a Living Trust? - March 12, 2019
  • How Do You Qualify for Medicaid? - March 7, 2019

About Mark S. Eghrari, Estate Planning Attorney

Mark S. Eghrari is an attorney in private practice in Smithtown, New York. He has been in practice since 1988. Mark S. Eghrari provides extensive estate and tax planning services to individuals and businesses. Mr. Eghrari’s primary focus is helping clients avoid probate, minimize or eliminate Federal and State Estate taxes and protect their assets from the high cost of nursing care, if they become ill.

Previous Post: « Power of Attorney in Smithtown, New York: What Is the Difference Between a Limited and a General POA?
Next Post: What Is an Elder Law Attorney in Smithtown New York? »

Footer

Office Location

Eghrari Law Firm
50 Karl Avenue, Suite 202
Smithtown, NY 11787
Phone: (631) 265-0599
Fax: (631) 265-0754

See Larger Map
Get Directions

Office Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 2:00 PM

Sign Up for Our Newsletter

Sign up to get our free estate planning newsletter for all of our tips and resources

  • Disclaimer
  • Privacy Policy
  • Sitemap
  • Contact Us

Site Footer

Copyright © 2020 American Academy of Estate Planning Attorneys · All Rights Reserved