Joint Tenancy: Is it really a convenience?
In the short term, adding a joint tenant could be convenient however, in the long run it could cause family ripples. For a good read on this topic, see a recent article by Forbes.com:
Top 5 Reasons To Beware Of Joint Ownership Between Generations
Celebrities are not the only ones to make mistakes with their estate planning. It happens to people all across the country on a regular basis. The end result — just like with the rich and famous — often is an ugly and expensive family fight in court. One of the most common estate planning mistakes that people make is joint ownership.
For the most part, we’re not talking about when a husband and wife have joint bank accounts or the title to their home is held in both of their names. While not ideal for estate planning, this is quite common and can often be used without problems, except in many second-marriage situations or large estates that may suffer adverse tax consequences… < continue reading at Forbes.com >