What is joint tenancy with a right of survivorship?
How could I use this as part of my estate planning in Guam?
Joint tenancy with a right of survivorship is a type of property ownership arrangement that is recognized in Guam, as it is in many other parts of the United States. This form of co-ownership can offer several benefits for individuals who choose to hold property in this manner in Guam:
Avoiding Probate
One of the primary advantages of joint tenancy with a right of survivorship is that it allows for the seamless transfer of property ownership upon the death of one of the joint tenants. When one owner passes away, their share of the property automatically transfers to the surviving joint tenant(s) without the need for probate. All that is required is for a notice to be filed at the Department of Land Management. A joint tenancy with right of survivorship can save time and money in the estate settlement process.
Continuity of Ownership
Joint tenancy ensures that the property ownership remains intact even if one owner passes away. This can be particularly beneficial in situations where a family home or investment property is involved, as it allows the surviving co-owner(s) to maintain control and use of the property.
Simplicity and Ease
Setting up a joint tenancy arrangement in Guam is relatively straightforward, involving a deed that specifies the joint tenancy with right of survivorship. There is no need for complex estate planning documents or legal procedures.
It's important to note that while joint tenancy with right of survivorship offers these advantages, it also comes with certain responsibilities and considerations. All joint tenants have equal rights to the property, and their actions can affect the property and other co-owners.
Contact us if you are considering joint tenancy for estate planning purposes and want to discuss whether this is the right option for you.