Joint Ownership with Child - May be bad idea

If you think you're going to avoid probate and solve distribution problems by owning your assets jointly, then perhaps you should think again. Here are some potential problems that might arise: (1) if owned with your 2nd spouse, that spouse may decide to leave $0 to your kids; (2) if owned with your child, that child may decide to leave $0 to your other children; (3) the assets may be subject to your co-owner's creditors claims; (4) you may experience problems if you want to delete that owner's ownership; (5) if owned by a minor child, you could experience issues with purchases/sales that might required a court guardianship proceeding (yuk!); (6) if owned with someone who becomes incapacitated, then you have to deal with their agent or the court; (7) there could be gift tax consequences to adding that owner. by Austin's affordable estate planning attorney for Wills & Trusts Mike Massey, JD, MBA.



Mike Massey JD, MBA, MPA just might be the 195th most interesting person in Texas. He has 4 college degrees and he's working on a 5th:  BBS Accounting; MPA Master's in Professional Accounting; JD Law Degree; MBA Master's in Business Administration; BBS in Biblical Studies (in progress).

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© 2020 Mike Massey Law.  Managing Attorney Mike Massey, 8911 Capital of Texas Hwy, Ste 3210, Austin, TX, 78759.  Email:  Phone: 888-407-2407.  Mike Massey, Texas Bar # 24032584. The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters and electronic mail. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established. Privacy Statement.  Prices can vary based on your unique situation and potential add-on services.  Prices for in-office (in person) meetings typically cost more than virtual meetings that are done over the phone instead of in person.  Prices for virtual estate planning do not include an execution ceremony or notary, as those services are not available with our discounted virtual estate planning packages.