Money is always tight. No matter where you fall on the income and asset ladder, no one wants to spend money unnecessarily, including on services that are not sure they need. However, sometimes that reluctance can lead to mistakes which actually cost money down the road. Estate planning–or the lack of it–is the poster child for this situation. Some community members are tempted to try half-measures and “do it yourself” planning instead of actually visiting with a legal professional and ensuring comprehensive security for the long-term.
One of the most common methods of this homemade planning is the use of joint tenancies to transfer property. While a joint tenancy may make sense in certain situations, when used improperly, serious adverse and unintended consequences might result. It is critical to be aware of those risk factors. An article published earlier this month by the Gazette provides a helpful primer of some of those pitfalls.
Act Cautiously