There are some complicated ways of explaining relatively simple processes. This comes into play when you look at joint tenancy with right of survivorship. Joint tenancy is one way to add a co-owner to property that you own, and the person that you add to the title or deed would become a joint tenant. Right of survivorship is the right of the surviving joint tenant to inherit the entirety of the property after the other joint tenant passes away. Estate Planning Solution? Joint tenancy … [Read more...] about What Is Joint Tenancy With Right of Survivorship?
Although several states uphold oral bequests of personal property pursuant to their nuncupative exceptions to their written will requirements, North Dakota does not. Thus, a nuncupative or oral will in North Dakota is legally ineffective. If you do not have a validly created written will in North Dakota, your estate is subject to intestacy distributions. As such, the assets in your estate will pass to your heirs and beneficiaries pursuant to the state’s intestacy laws. Intestacy statutes govern … [Read more...] about Why the North Dakota Legislature Doesn’t Recognize Oral Wills
It’s important to carefully consider each estate planning decision that you make, including the use of joint tenancy. While can be beneficial to own property in joint tenancy with another individual, there are also some disadvantages to this form of ownership. It’s important to carefully consider both the advantages and disadvantages before including joint tenancy in your planning. The benefit is generally probate avoidance and, in some states, asset protection for married couples. More … [Read more...] about Issues That May Arise with Joint Tenancy (part 2 of 2)
Many people choose to own properly jointly with the use of joint tenancy. This can be a form of ownership that has many benefits. Unfortunately, there are also issues that may arise when people choose to include this form of ownership in their estate plan. It’s important to consider both the advantages and the disadvantages before creating an estate plan. The benefit is generally probate avoidance and, in some states, asset protection for married couples. More disadvantages are described … [Read more...] about Issues That May Arise with Joint Tenancy (part 1 of 2)