I can’t think of any situation where its advisable to use joint ownership where there’s not a better solution, except to keep people like me employed as an expert witness in the resulting litigation.
Top 5 Reasons to Beware of Joint Ownership Between Generations Forbes
Business owners and those who advise them should take note.
Ugh…kids at their worst.
When a parent dies and the children are faced with dividing up the possessions, things can get ugly. But by taking certain steps, the survivors can avoid family warfare.
Having cleaned up many messes created by people with good intentions, I highly recommend individual executors, personal representatives, and trustees obtain and follow the advice of qualified advisers.
This is a minefield that many folks assume is done correctly. With volatile asset valuations and and unpredictable tax laws changing the planning landscape for many families, its worth reviewing your estate plans to make sure that ALL of your assets are structured to meet your planning goals.
Encourage your clients to plan intentionally for their children. They do their children no favors when the kids are given responsibilities for which they are unprepared.
One’s written and properly executed Last Will and Testament is assumed by the law and by courts to be the written expression of the testator’s intentions regarding his or her estate. Even when its clear to the family and others that the written language of the Will isn’t what the testator intended, it’s very difficult to overcome the actual terms of the Will as it was written. Here’s an example in a Florida case where the testator used a DIY Will form that she purchased to save money and, as a result, two nieces inherited her property instead of her surviving husband.
I always recommend that my clients use an estate planning attorney to draft and implement their estate plan. It’s just not worth the risk, not to mention the family torment, that may result from making even the smallest of mistakes.
Here is one approach to planning for children who are struggling with and addictions, financial problems, relationship disasters, etc.
Family probate fight meets country music. Enjoy this new song by the Pistol Annies (imho not catchy enough to be a hit, but the content fits this blog). I posted the link to the version that gives the lyrics.
A recent article written by Kimmer Callahan describing basic Idaho probate.
Idaho Trustee 