Both joint ownership and trusts can help your assets avoid probate, but they work very differently and carry different risks. Joint tenancy with right of survivorship is simple — the surviving owner automatically gets the property. But it exposes the asset to the co-owner’s creditors, potential lawsuits, and divorce proceedings. It can also create unintended gift tax consequences. A revocable living trust avoids these risks while providing the same probate avoidance benefit, plus incapacity protection and privacy.
At SoMD Estate Planning, we stay current on evolving legal issues to protect Southern Maryland families. Contact us about our $1,500 flat-fee estate plan.
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