Estate Planning Pitfall – You jointly own property with a family member

Description

Abstract: A common estate planning mistake that many people make is to own property jointly with a child or other family member. True, adding a loved one to the title of your home, bank account or other property can be a simple technique for leaving property to that person without the need for probate. But any convenience gained is usually outweighed by a variety of negative consequences. This brief article details three possible negative outcomes of owning property jointly with a family member.