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Parental Warning: If You Own Your Property this Way, You May Accidentally Disinherit Your Own Childr

Owning property as Joint Tenants with Right of Survivorship is easy, common, and often disastrous. Sadly, children - both minor and adult - are often disinherited. While there are several forms of joint ownership, the one most people use (and the one considered in this discussion) is called 'Joint Ownership with Right of Survivorship.' When one owner dies, the jointly owned asset automatically, by operation of law, transfers to the surviving owner. Joint ownership is a very common way for married people to own their assets. Joint ownership is also commonly used by aging parents and their adult children. Joint Ownership Just Postpones Probate In most cases, joint ownership merely postpone

Why Does a Living Trust Cost More to Set Up than a Will?

It will probably cost more initially to set up a well-drafted living trust than to have a will prepared. A true cost comparison should include not only the expense to establish the will or trust, but also what it will cost should you become incapacitated and after you die. The Key Takeaways: A living trust document has more provisions than a will because it deals with issues while you are living and after you die, while a will only deals with issues that occur after your death. A properly prepared and funded living trust will avoid court proceedings at incapacity and death. A will provides no such protection and can, in fact, ensure court intervention at both events, which can be very cost

If You Die Without a Will, Does Your Spouse Inherit Your Entire Estate?

If you are married and you die without a Last Will and Testament, you may mistakenly believe that your spouse will still inherit your entire estate. Not so fast. Who will inherit your estate depends on several different factors: 1. How is your property titled? Is your property titled in your name alone, in joint names with your spouse, in joint names with a child or other relative, or does it have a beneficiary designated? Knowing how all of your property is titled is the real key to understanding who will inherit it after you die. For example, if your home is titled in joint names with rights of survivorship with your spouse, then your spouse will inherit the home. However, if it is tit

Heritage Law Group, PLLC

1526 Hunt Club Boulevard, Suite 550

Gallatin, Tennessee 37066

Phone: (615) 989-7054

Fax: (615) 751-5208

info@planyourlegacy.com

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Visiting this site does not create an attorney-client relationship with Heritage Law Group, PLLC. Tennessee law requires notification that this is an advertisement and this website is not intended to provide legal advice. If you are seeking legal advice, you must seek it by speaking directly to a licensed attorney. While our firm welcomes feedback, we cannot accept a new legal matter without making sure there is no conflict of interest with other client matters in which we are already involved and there is no other conflict of interest that might prevent us from representing you. Unless otherwise noted, all Heritage Law Group, PLLC attorneys are generally licensed to practice law in the State of Tennessee. Attorney Jacob Mason is also licensed to practice law in the State of Kentucky. Every situation is unique and you should not act on information contained in this website without seeking advice from a legal professional specific to your particular situation. 

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