Legal Help Needed: Joint Tenancy or Revocable Trust? | TigerDroppings.com

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nikki6
New Orleans Saints Fan
Dallas
Member since Jul 2011
1782 posts

Legal Help Needed: Joint Tenancy or Revocable Trust?


The GF and I bought a house back in December. We're settled in now and it's time to think about some legal matters.


We'd always planned on having a joint tenancy w/right of survivorship agreement drawn up. That way when one of us dies, the home will automatically become 100% the other persons without going into probate.

I've been researching online and read that a revocable trust would be better for some reason.

Can anyone comment on this? We really just wanted the Joint Tenancy with right of survivorship so when one of us dies, their 50% wouldn't automatically go to their heirs, in this case siblings or parents. And then one of us would be left with 50% ownership while having the other 50% belong to someone you hope will do the right thing, but you can't count on that in this world, even with family.

Also, how much should drawing something like a Joint Tenancy cost? A couple hundred or are we looking at a few thousand?

Thanks!







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Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
56033 posts

re: Legal Help Needed: Joint Tenancy or Revocable Trust?


What State?





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nikki6
New Orleans Saints Fan
Dallas
Member since Jul 2011
1782 posts

re: Legal Help Needed: Joint Tenancy or Revocable Trust?


Texas





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Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
56033 posts

re: Legal Help Needed: Joint Tenancy or Revocable Trust?


I think you only need a simple will. But I am not a lawyer and I don't live in your state. Laws are different here in La.





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ShreveportTIGER318
Texas A&M Fan
Shreveport/Washington, D.C.
Member since Apr 2008
2723 posts

re: Legal Help Needed: Joint Tenancy or Revocable Trust?


A revocable trust is useful to keep assets out of probate. This is not legal advice as you are not my client, but I really don't see the point in this context. It's not like the court will kick either one of you out during the probate process.





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rmc
LSU Fan
Zachary, LA
Member since Sep 2004
22529 posts

re: Legal Help Needed: Joint Tenancy or Revocable Trust?


I don't practice in Texas and this is just some general advice re revocable living trust.

A revocable living trust *should* help you avoid probate. It's most useful in avoiding probate in multiple states if you own property in multiple states. As with any trust there is also some utility in being able to control what happens to an extent after you are dead.

Having said that, I generally disfavor them in Louisiana. Our 'probate' process, for most individuals, can be completed in a few weeks or even less than a week in some cases. Also, the entire process probably cost less than what you will be charged for a revocable living trust and all the charges to fund it. They have their place in estate planning, but I normally don't recommend them unless a person has some very good reasons for avoiding probate or if they have property in multiple states.

One of the problems with them is that a lot of times the clients do not make sure all of their property is placed into them. Not a big deal for small movables that are not titled. But if you have some land in Louisiana you forgot to put in the trust you then have to go through the probate process.

My appreciation of joint tenancy is that A+B own the property and at A or B's death the property goes all to the survivor. If that is correct, then that would seem to be the much cheaper and simplistic route here. Again, this is not legal advice and you should consult an attorney in texas.



This post was edited on 3/22 at 12:35 pm


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nikki6
New Orleans Saints Fan
Dallas
Member since Jul 2011
1782 posts

re: Legal Help Needed: Joint Tenancy or Revocable Trust?


Sounds like joint tenancy will be the way to go most likely. We're 50/50 co-owners now, so when one of us dies, we'd like the other to become 100% owner.
Without a joint tenancy, the 50% of whoever dies first would go their heirs, in this case 2 siblings and possibly 2 parents, but we expect them to be deceased by the time either one of us dies. Our siblings are awesome, but 40 years from now, or sooner, when they inherit 50% ownership of what could be worth 1/2 a million dollars at that time, all of a sudden one of us will be forced to sell our home or buy out the siblings.
Sucks. This is why gay unions should be made legal. I don't care about the religious aspect of it. I don't even care if its called marriage, but it would be nice to not have to go through these legal hoops just to make sure either one of us doesn't get screwed.

/end rant






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Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
56033 posts

re: Legal Help Needed: Joint Tenancy or Revocable Trust?


Wait, you're gay?





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nikki6
New Orleans Saints Fan
Dallas
Member since Jul 2011
1782 posts

re: Legal Help Needed: Joint Tenancy or Revocable Trust?


Yes, why else would I need a joint tenancy w/right of survivorship? I'd just get married if I could and this wouldn't be an issue





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ShreveportTIGER318
Texas A&M Fan
Shreveport/Washington, D.C.
Member since Apr 2008
2723 posts

re: Legal Help Needed: Joint Tenancy or Revocable Trust?


quote:

Yes, why else would I need a joint tenancy w/right of survivorship? I'd just get married if I could and this wouldn't be an issue


That makes more sense. I was wondering about the prudence of having JT with just a boyfriend/girlfriend.

Good luck to you






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