Should I Jointly Title Everything with my Child to Avoid Probate?
” I highly suggest that people do not use this approach to avoid probate. Obviously, by doing so, you are avoiding probate because the asset then is jointly titled. When you would pass away, then the children would be the owner of that account or home.
However, understand that when you do that, that asset is now that children. If they are sued, the creditor is going to see that home, or bank account, or investment account as their account or asset. It is not something that you can simply explain away or say, well, that is really not theirs. It is really mine. Their name is just on it. They don’t really care at that point. There are other ways to approach it.
Another thing to point out is that a lot of times when a client wants to put their child on a bank account or home, it is usually just one child just for the sake of convenience, but they have multiple children. They assume that that specific child is going to be a great kid and just hand out money to their siblings, but they legally don’t have to. If their parent passes away and their name is the only one on the home, they don’t have to share in the proceeds with their siblings, and their siblings would have no legal recourse against them.”
Your Phoenix Estate Planning Attorney
If you are interested in creating or updating your estate plan, you should consult with an experienced estate planning attorney who understands Arizona’s unique laws and regulations. Nicole Pavlik has successfully helped many Phoenix residents navigate the estate planning process and is ready to offer you the advice you need. Call Nicole Pavlik Law Firm today at 602-635-6176 to schedule a consultation.