Legal Question in Wills and Trusts in Arizona
Joint tenancy deed
i am wanting to put my son on my home as a joint
ownership with right of survivorship how do i do
this and what form do i use
2 Answers from Attorneys
Re: Joint tenancy deed
This may or may not be a good idea. Is your son the current co-owner of the home? Are you willing to gift to him at this time one-half of the home? That is what a joint tenancy deed will do.
If you are doing this as an estate planning tool, you are about 45 years behind the times. In 1960 Dacy wrote his infamous book, How to Avoid Probate, and basically advised to put everything in joint tenancy with the kids. Bad advice.
I have seen widowed seniors have a trustee in bankruptcy seeking half of their home or farm because they put the property in joint tenancy with "sonny," who filed bankruptcy. So the trustee sought his one-half for the creditors. I have seen a daughter cause a severe auto accident with woefully inadequate insurance, so the claimants pursed her interest in a property that was in joint tenancy with her mother. If you put the house in joint tenancy you cannot sell, re-finance it or convey it without your son's signature.
There are better ways to accomplish this. Since you have asked this question, the state of the rest of your estate plan is up to question. I fear you have not been well advised, but to your credit you are seeking help now.
See an estate attorney for advice. We offer free initial consulations with no obligation. 480.935.1500.
Best regards,
James D. Jenkins
Re: Joint tenancy deed
You can make a "quit claim" deed to yourself and your son, as joint tenants with right of survivorship.
I DO NOT RECOMMEND THAT YOU DO THIS. If your goal is to leave the house to your son and avoid probate, then make a "beneficiary deed" to him which will accomplish your goal and still leave you alone with all the rights of ownership until you pass away.