Legal Question in Wills and Trusts in California
if you own property jointly will you loose it with out a will
if you own property jointly and the other dies and they do not have a will what will happen to the other property owner will they have to pay taxes and will it go into probate. my aunt and uncle are 65 have 4 sons and no will. all of their assests are not protected if the other dies right ?
2 Answers from Attorneys
Re: if you own property jointly will you loose it with out a will
It depends on the type of joint ownership. If they own the property as joint tenants, and one person dies, the other automatically inherits the full property with a "stepped up basis."
They should do something, however, to protect their assets in case they both die. A will is good, but a trust is better, because it avoids probate.
Re: if you own property jointly will you loose it with out a will
Planning with a will or trust is a good idea, as having none may lead to problems.
Depending on the ownership of the property, the children may receive it after both parents die (if in joint tenancy) through the probate process. If it's owned as tenants in common, the children may receive a share while the surviving parent is still alive, which may not be what the parents want.
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