• Skip to primary navigation
  • Skip to content
  • Skip to primary sidebar

Farmers and Merchants Trust Company

Trusted since 1920

Main navigation

  • About Us
    • Our History
    • Who We Are
    • Our Team
    • Contact Us
  • Locations
    • Long Beach Office
    • Laguna Hills Office
    • Torrance Office
    • Santa Barbara Office
    • Newport Beach Office
  • Services
  • FAQ
  • Community
  • Login
    • Login
    • Sign Up

August 25, 2017

Doesn’t joint ownership avoid probate?

Not really. Using joint ownership usually justĀ postponesĀ probate. With most jointly owned assets, when one owner dies, full ownership does transfer to the surviving owner without probate. But if that owner dies without adding a new joint owner, or if both owners die at the same time, the asset must be probated before it can go to the heirs.

Watch out for other problems. When you add a co-owner, you lose control. Your chances of being named in a lawsuit and of losing the asset to a creditor are increased. There could be gift and/or income tax problems. And since a will does not control most jointly owned assets, you could disinherit your family.

With some assets, especially real estate, all owners must sign to sell or refinance. So if a co-owner becomes incapacitated, you could find yourself with a new “co-owner” — the court–even if the incapacitated owner is your spouse.

Primary Sidebar

Services

  • PERSONAL TRUST MANAGEMENT
  • INVESTMENT MANAGEMENT
  • CHARITABLE TRUST MANAGEMENT
  • FOUNDATION & ENDOWMENTS
  • AGENTS FOR TRUSTEE
  • IRA & EMPLOYEE BENEFITS
  • REAL ESTATE MANAGEMENT
PRIVACY POLICY | TERMS OF USE
Copyright © 2022 - F&M Trust
A message from F&M Trust President regarding the Coronavirus.
Read More