The pitfalls of joint tenancy estate planning

IS JOINT TENANCY ESTATE PLANNING ENOUGH?

Many people utilize the concept of joint assets or joint tenancy to plan their estate without a will or a trust. Because joint assets transfer automatically to the surviving owner upon the death of a co-owner, the assets avoid probate. Assets commonly owned in this way are real estate, bank accounts, and stocks or bonds. For some individuals, under the right circumstances, joint ownership estate planning can be a simple and inexpensive way to plan for asset transfers upon death. For others, however, the results can be disastrous. Continue reading

How is title to Illinois real property held?

OPTIONS FOR HOLDING TITLE TO REAL ESTATE

If one person holds title to land, there are few, if any decisions to be made about holding title. In co-ownership situations, the property owners will have to decide how to “take” title to their land. When more than one person, such as a husband and wife or business partners, owns title to a piece of real property, the law of the State of Illinois allows for title to be held between the owners in three ways: Continue reading