Two Types of Joint Property Ownership in Pennsylvania to Avoid Probate
Probate is the process of settling an estate through distribution of assets when there is no will for the deceased or an executor of the will is not established. The probate process may introduce unnecessary delays to the process of granting your final wishes, which is why exploring possible methods of estate protection may be helpful in protecting your family from the probate process. In Pennsylvania probate can be simple and inexpensive so make sure you talk to your estate planning lawyer and other trusted advisers to learn more about the probate process and what is right for you.
For those with assets such as real estate and high value items, a method of avoiding probate known as joint property ownership may be a good option. There are two main types of joint property ownership in Pennsylvania to fit most estate needs:
- Tenancy by the Entirety – available only to married couples, upon the death of a spouse the surviving spouse is granted ownership of the deceased spouse’s portion of the property.
- Joint Tenancy with Right of Survivorship – this should be established when obtaining the property and lists two or more joint owners of the property. Upon the death of a joint property owner their portion of the property ownership is transferred to the surviving joint owner(s).
Pennsylvania does not recognize the option of community property as a method of joint property ownership. Therefore, it is important to work with a Pennsylvania probate attorney to insure your estate is planned so that it complies with all Pennsylvania property and estate laws.
Avoiding probate may help alleviate the difficulty your beneficiaries may experience in settling an estate in your name. An experienced probate attorney can help you determine the best course of action when attempting to make life easier for your beneficiaries once you’ve passed away. read our blog The Benefits of Avoiding Probate When Settling an Estate
Let a Pennsylvania Probate Attorney Help Protect Your Loved One’s Legacy
Whether planning your estate to maximize the benefits for your loved ones, or you are the executor of your loved one’s will, you may want to avoid probate when settling an estate. Many challenges may arise in the distribution process and without the proper guidance your family could end up in a longer than necessary legal process.
Your final wishes for your estate and the rights of your beneficiaries are our main focus when helping you navigate probate court and estate law. Contact the Law Offices of Unruh, Turner, Burke & Frees to find out how our legal team can help you. Contact Dave Frees today – 610-933-8069 .