Planning your estate in New York can be a complex process. You can use several methods to give beneficiaries access to your funds. The trick is to find one that will sidestep your need to go to court. One of the best arrangements you can use will be joint tenancy.
What Are the Main Benefits?
You may be planning to leave your home to a loved one. If so, you need to know the main benefits of a joint tenancy arrangement. These include the following:
- Avoiding the need to go to probate court
- Sharing responsibility with your heirs
- Ensuring a smooth transition to your heirs after you pass
Working with your heirs to draw up a suitable estate plan will save you a lot of time and money. The plan that you create should be as accurate and minute as possible. This will give it more of a chance to be accepted without any later call for probate.
What Are the Primary Drawbacks?
When dealing with estate planning and wills, you should also be aware of several potential negative points. These can include:
- Disagreements between you and your stated heirs
- An increased potential for some of the included assets to be disputed over or frozen
- Increased possibility of losing control over your assets after you pass
This type of estate plan can be especially useful to people who desire to include several extremely specific assets in their will. With careful planning, a joint tenancy arrangement can achieve all your goals promptly and efficiently. Its ability to help you avoid probate is one of its most desirable features.