As a Ventura County estate planning law firm specializing in living trusts, our firm commonly recieves questions about living trust fundamentals. We have a team of experts with the legal knowledge to answer questions about the process of estate planning, and what the benefits of a living trust can be.
Our firm can provide expert legal services as living trust attorneys. We are a Southern California based law firm in business since 1985. We specialize in living trusts and estate planning matters.
To learn more about living trusts, or if you would like a free consultation to learn if a living trust is right for you, please do not hesitate to contact us at (805) 482-2282, or e-mail us.
Can’t I just avoid probate with joint tenancy?
For a married couple, holding their assets as joint tenants together does avoid probate upon the death of the first of them. However, as is explained below, joint tenancy may very well have a high income tax cost to the surviving spouse.
Furthermore, a major problem will arise when the second spouse dies, or if both spouses die together – a probate will be required at that point.
In addition, many problems are caused by owning property in joint tenancy with a child.
For example, your child’s creditors might try to seize your property. Furthermore, at your death your property could end up going to only one of your children at the expense of your other children or grandchildren. A living trust can avoid all these problems.
It is our privilege to guide clients through estate planning decisions
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