Legal Question in Wills and Trusts in California
Protecting Assests with Joint Tenancy?
My mother has been living with her boyfriend for over seven years now. He is estranged from his own children and wants my mother to be left his entire estate. They want to exclude the children from the will but I don't think that will prevent them from contesting. I suggested that they put all his assets in joint tenancy with my mother to keep them outside probate. Will this prevent his children from causing my mother problems?
3 Answers from Attorneys
Re: Protecting Assests with Joint Tenancy?
Nothing can totally prevent this individual's children from creating problems should they have the will and the resources. However, the best way to ensure the least amount of problems is to have a comprehensive estate plan.
Re: Protecting Assests with Joint Tenancy?
Nothing will stop the kids from causing a problem. As they say, where there is a will, there is a relative.
The best thing to do is to have a living trust along with other supporting documents. There are other things that can be done to discourage them from contesting. They should meet with an estate planning attorney in order to really achieve their goals.
Re: Protecting Assests with Joint Tenancy?
Nothing in the future will ever potentially stop his kids from questioning the estate plan of this man. But what he should do is take the aid of an expert attorney in estate planning and determine which alternative is best for him. The transfer into joint tenancy of assets carries with substantial tax ramifications to the joint tenants themselves when the original joint tenant passes away first. At the same time he is transferring certain assets to others which has an effect immediately and upon himself when they pass away first. This is not an easy question to answer many times and it is tempered by the relationship between the parties now and in the future.I have been practicing law in the San Francisco Bay area for approximately 35 years and expert in the area in the category in which your question is placed. I feel I can help you in this matter and if you wish to consult with me please contact me at 925-945- 6000.
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