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Joint Tenancy

Planning for the distribution of property is an important part of estate planning. For financial reasons, many people choose to add one or more of their spouse or children to the title on their home or other assets in joint tenancy. If an asset is held in joint tenancy, it means that upon the passing of one of the owners of the property, ownership of the asset passes automatically to the surviving joint owners and does not form part of the deceased owner's estate. The lawyer at Horizon Law Corporation, Surrey solicitor Lina Lee, will advise you on whether adding someone to the title of an asset as a joint tenant is a prudent option as you review with her your estate planning objectives.

Joint Tenancies: What To Consider

A consultation at Horizon Law Corporation can help you decide whether placing an asset in is the right option for you. Among the issues to consider is with whom the joint tenancy will be established and for what purpose. For example, you may choose to leave the family home outside of your Will in order to save on probate fees. You might transfer your home into joint tenancy with one of your children, with the intent that once you pass away all of your children benefit from the asset. With a joint tenancy, however, this result is not guaranteed and you need to be aware of the risks involved.

Lawyer Lina Lee will discuss with you the benefits of holding a property in joint tenancy and whether it is a preferred option for you, given your specific wishes. Ms. Lee will also review the effects and risks of a joint tenancy during the lifetime of both owners, including how such an arrangement might affect the rights of creditors and the ability of owners to sell or transfer the asset.

Legal Advice In South Surrey: Right Of Survivorship

Horizon Law Corporation will advise you on asset ownership options, such as joint tenancy versus tenancy in common. With more than 15 years of B.C. estate law practice experience, Lina Lee can provide the information you need on joint tenancy in White Rock and Surrey.

A lawyer is the best source of objective advice to protect you and your family members during the estate planning process. Call the firm at 604-538-7074 in Surrey and White Rock or contact us online to make an appointment.

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