Joint Tenancy Property Lawyer Mount Prospect, IL
When you own joint property in Illinois, and you are planning your estate, you should consult with a joint tenancy property lawyer Mount Prospect, IL offers. By doing so you can ensure everything is drafted correctly so as to avoid challenges in the future.
Joint Property Ownership
Individual property owners have simple, clear ownership rights. However, when there are two or more owners, ownership rights can become more complicated. This is partly due to the fact that there can be more than one way to jointly title property. It is very important to understand the different types of joint ownership. This is not only because it can affect your rights as an owner, but also the way the property is handled in the event of your death. For example, if you know you want the property to transfer to a co-owner, your property should be titled as “joint tenancy with rights of survivorship”. If it is not titled in this way, there could be problems.
As an estate planning lawyer Mount Prospect, IL respects might tell you, in this state, if you do not specify the type of joint tenancy on your title, tenants in common are presumed by the court. This is the most basic kind of joint title. In general, if you own property as a joint tenant in common, what you own is essentially an “undivided fractional interest” in the property. In other words, even though the property is not actually divided (physically), each owner has separate interest in the property. If one owner dies, their interest will not transfer automatically to the other owner. Rather, their interest becomes part of their estate. Their beneficiaries or heirs will likely inherit their property. This type of joint ownership has its benefits, but is not always advantageous.
When Family Members Jointly Own Property
In general, when family members jointly own property, their intention will be to share it with all those involved equally. If you own a property with your spouse, parent, or child, you likely want your share to pass to the other owners without your interest in the property becoming part of your estate. As a joint tenancy property lawyer in Mount Prospect, IL will tell you, to make this happen, the property must be titled as “joint tenancy with rights of survivorship.”
Under Illinois law, this title supersedes gifts in a will. So, if the co-owner attempts to give their share of the property in a will, Illinois laws dictats you receive the share as long as it is titled in this way.
In addition to houses and real estate, personal property like bank accounts and securities can be titled as joint tenancy with right of survivorship. To be possible, all property titles as this must clearly indicate such a wish. To ensure your property is titled in the way you want, you should speak with a joint tenancy property lawyer in Mount Prospect, IL.
Is Probate Necessary?
Any property that is held in joint tenancy will pass to the surviving joint tenant (or tenants). Probate will not be necessary. Only a brief process drafting and signing some paperwork. The process is relatively easy which is why it is one of the most common ways people choose to own property.
If you would like to ensure your property is titled before you draft your estate plan, please reach out to a joint tenancy property lawyer in Mount Prospect, IL from Bott & Associates, LTD.