new house co tenants

[fernfurn]

Could you tell me, if I buy a house, either new or existing and put myself and my 3 kids as co tenants, then on my death it would just go to them and they could do what they like with it

 

[Kate Ashmor]

Joint tenants means each owner holds the property in equal proportions, and upon the death of one joint tenant, their share automatically passes to the other joint tenants.

With tenants in common, the property can be held in different proportions and upon the death of a tenant in common, their share forms part of their estate.

 

[fernfurn]

My bad, joint tenants is what I want. So thats right, on my death, my share would pass equally to the 3 kids and with a will confirming this, it would be hard to impossible to contest this??

 

[kathryn d]

I don't know...but asking

If, in the future,if one of the children, ran into financial difficulties, and declared bankruptcy, does that put this property in jeopardy.
The equity built up, would be an asset?

 

[Kate Ashmor]

...it would be hard to impossible to contest this??

Wills can always be contested, you won't be able to stop that. That's why a clearly written will, making reasonable provision for your children and explaining your intentions, will help ensure your wishes stand.

 

[Terry_w]

If JT it would bypass the will completely. But there are still circumstances where it could be deemed part of the estate.

JT leaves no room to leave the property to a testamentary trust. So as pointed out above by Kathryn if one of the children went bankrup around the time of your death a greater proportion of the property will fall into the hands of creditors. Similar with family law.

 

[fernfurn]

As they are all listed percentage wise on the title, it would not be anyone else's asset, so surely a bankruptcy administrator could not take more than that persons share. Admittedly that would probably require puttingthe house on the market to get at that share. Also, it would be extremely unlikely they would go bankrupt just when I die and I would expect they would all put the house on the market and distribute their share anyway

 

[JDM]

As has been mentioned, this will serve the purpose of passing your interest in the property to the other joint tenants, however creates risk from a bankruptcy and family law perspective. You should seek advice from a Lawyer, such as Terry above.