Joint Tenancy Pros and Cons

April 20, 2020Estate Planning, Legal Education

Joint tenancy is a commonly used form of ownership between two or more people. It can be an easy solution. However, it can have drawbacks. Read on to learn more.

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Kevin Kinghorn

Kevin Kinghorn has been a practicing attorney in Tucson and southern Arizona since 1993. He has been certified as a Specialist in Estate and Trust Law by the State Bar of Arizona’s Board of Legal Specialization. His practice includes all facets of estate planning including trusts, probate, trust administration, Medicaid and VA planning, and business planning and formation.

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In this day and age it is very rewarding and comforting to make a major decision for the long-term security of your family. Over 14 years ago we decided upon the Kinghorn Heritage Family to create our family trust. Through the years it became very evident that this decision was a major and necessary step for a secure future in an ever-changing legal climate. The Kinghorn Family has been a close friend that has always been there to serve our family.

Gary and Velma T. Client Review September 8, 2020

We appreciate the programs presented that keep us informed and updated in today’s internet and financial world. It is a comfort to know that you are only a phone call away if questions arise.

Robert and JoAnn H. Client Review September 8, 2020

We enjoyed meeting all the behind-the-scenes people on your team and want to thank you for the peace of mind you’ve given us and our children.

M.D. Client Reveiw September 8, 2020

What an amazing law firm, where the people I refer to them are handled as good friends, family, and confidantes.

Eileen E. Client Review September 8, 2020

Thank you Allison and Kinghorn Law family for everything you have done to make our end-of-life decisions a reality and stress free. When we think of Kinghorn: trust, peace of mind, professional. Outstanding Law Firm!

Ken and Cheryl V. Client Review September 8, 2020

Very satisfied with your company and staff.

Robert and Britt O. Client Review September 8, 2020

There are many estate planning tools that you should consider, with a living trust at the top of the list. It’s not the right choice for everyone at every stage of their life, but you may soon come to find that it suits your many requirements.

A living trust is designed to hold your assets while you’re living, while transferring them to your designated beneficiaries upon your death.

There are a variety of benefits of a living trust, with these three among the most appealing:

No probate: When you rely solely on a will, your assets are required by law to go through the probate process. Not only is this court process time consuming, but it’s also costly. Add in the fact that a will contest can further complicate things, and it’s easy to see why a living trust may be the right decision.
Privacy protection: If you’re the private type, it’s safe to assume that you want this to hold true in regards to your estate plan and the distribution of assets. A living trust provides you with a high level of privacy protection, as it doesn’t become part of the public record upon your death. This is in contrast to a will, which is public record, which allows anyone to review the terms and conditions, such as the value of your estate and where your assets ended up.
Incapacity planning: There’s more to an estate plan than deciding where your assets go upon your passing. Incapacity planning is also critical, and a living trust can help with that. If an injury or illness results in incapacity, your trustee has the power to immediately assume the management of your affairs without a court order.

If you’re interested in taking advantage of these three benefits, the best way of doing so is through the creation of a living trust. Should you need any assistance creating a living trust, contact us so we can guide you through the process.

Chandler V. Client Review September 8, 2020

Estate Planning attorneys are sometimes criticized for offering needlessly complex, 'canned' solutions. This never has been the case with Kevin. The documents he created were comprehensive when appropriate and surprisingly simple when suitable. In every case, they were individually crafted to meet our unique needs.

Rich D. Client Review September 8, 2020

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