FAQs: What Is Joint Tenancy?

  • Illinois Probate Law
FAQs: What Is Joint Tenancy?

Do you own property that you want to pass to your heirs after you die – and avoid the cost and stress of going through the court probate system? Probate is the process where the court system settles your estate including paying your bills, distributing your assets and closing out your affairs. Whether you have a small or a large estate to leave your loved ones, the probate process of transferring your assets to your heirs can be costly and time-consuming. Joint tenancy is one way you can legally protect your assets and avoid probate in Illinois.

What Is Joint Tenancy?

After someone dies, jointly owned property passes to the surviving owner. It is an easy way to avoid probate and does not require any additional paperwork. Illinois’ Joint Tenancy with Right of Survivorship means that two people – typically a husband and wife – co-own the property in equal shares. When one person dies, the other co-owner automatically becomes the owner of the property, even if there is no will. This is called the right of survivorship.

You can establish joint ownership of property to avoid Illinois’ complex probate process.

If you die without a will or a trust or other estate planning documents in place, Illinois intestate laws determine who gets your property. The Illinois probate court will review the deed to make sure it is valid and who is listed as the owners. to decide if anyone else is listed as the owner.

DuPage County Probate Planning Attorney

If you want your estate to avoid Illinois probate and protect your loved ones after you are gone, an experienced probate lawyer can advise you on the best options for your situation. To talk to a qualified probate attorney in Chicago or Lombard, contact the Estate & Probate Legal Group at 630-864-5835

We serve Cook, Dupage, Kane, Lake, and Will counties.