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Joint Tenancy Probate

Joint tenancy probate typically does not occur due to the law of rights of survivorship. Joint tenancy is when to people own a share of property or other real estate. When one owner dies the other owner automatically becomes the full owner of the property without the need for probate to occur. The property that is jointly owned is not considered a part of the estate and is separate from the deceased person's will. Joint tenancy probate creates cost savings, it is less expensive to set up a joint tenancy than it is to set up a living trust for the property in questions. In addition, joint tenancy probation provides a clear title to the property based on the right of survivorship.

Fast Facts

  • In a joint tenancy probate, creditors cannot go after the property unless they can prove the joint tenancy was intentionally set up to avoid credit collections.
  • Joint tenancy probate's down side is that there is no control over the property during probate. The rights of survivorship are concrete and the property belongs to the surviving party.

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