Coulson Elder Law is now Dent-Coulson Elder Law
Learn More

Estate Planning and Elder Law Attorney | Dent Coulson Elder Law

Get Help Right Away

Call Today: 618-632-7000 or 217-330-5500

or Send us an email

  • Home
  • Our Services
    • Alzheimer’s Planning
    • Asset Preservation Planning
    • Estate Planning
    • Medicaid Eligibility
    • Special Needs Planning
    • Trust and Estate Administration
    • VA Benefits Planning
  • News & Videos
    • Video Series
      • Coronavirus Preparedness
      • Asset Preservation Planning
      • Common Estate Planning Mistakes
      • Dealing With Alzheimer’s
      • Financial Exploitation of Elders
      • Handling Difficult Conversations with Seniors
      • Married Couples and Medicaid
      • Medicaid Application Process
      • Medicaid Look-Back Rule and Transfer Penalties
      • Nursing Home Admission and Care
      • Veterans Pension Benefits
      • What You Can and Can’t Keep with Medicaid
    • Weekly Newsletter
    • The Elder Law Minute
  • Alzheimer’s Guide
  • Presentations
    • Health Care Power of Attorney
    • Free Workshops
  • Hear From Our Clients
    • Testimonials
    • Share Your Experience
  • About
    • About Us
    • Meet Our Staff
    • Partners & Resources
    • About Our Fees
    • COVID-19 Policies
    • Privacy Policy
  • Contact
    • Email Us
    • Find Our Offices
    • Refer a Friend

Are Beneficiary Designations And Joint Tenancy A Good Way To Avoid Probate?

 

In this elder law minute, Wes Coulson discusses joint tenancy and beneficiary designations, and if they are a good way to avoid probate.

Transcript:

I want to talk today about whether beneficiary designations and joint tenancy can be a good inexpensive way to avoid probate, without having to have a living trust. Let me tell you why I think it’s a bad idea.

Let’s start with joint tenancy. First thing that a lot of people don’t know, is that when you add someone to your account as joint tenant, if anything bad happens to them financially, 100% of that asset is at risk. So if you have one child and say just go ahead and put their name on, if you’re retired you’re probably low risk financially.

If they’re still working, they’re much higher risk financially, so you’ve made (to me) a possibly terrible mistake in doing that. Also when you do the joint tenancy, if you have four kids and you put one on as joint tenant for convenience, law may not see it that way. You may have left all of that asset to that one child.

In terms of beneficiary designations, I’ve never seen a beneficiary form that has addressed questions like (for instance), if one of my children happens to die before me, what would happen to that one’s share. You leave that as an unopen question. If it happens and the people who would take that share are minor children, they’re only getting their share through a guardianship.

If something happens and you want to change that, the way that you have things set up with those beneficiary designations, if you have 15 accounts, 4 life insurance policies, and 2 annuities, your plan is dependent upon making those changes across all of those assets. Whereas, if you have a living trust named as beneficiary, you have avoided the joint tenancy problem, you have a backup plan for everything that could happen, and if you decide to make later changes in your estate plan, you make it once to the living trust and you have with certainty covered everything.

Also looking for information about Medicaid and Asset Preservation? Visit these articles:

    • Do Living Trusts Protect Assets From Medicaid or VA Spend Down?
    • How an Asset Preservation Trust Protects Your Life Savings From Long-Term Care Costs
    • Why Do I Need an Asset Preservation Plan?

“Your Trusted Advisor on the Elder Care Journey”

Dent-Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Dent-Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (618) 632-7000 (IL) or (314) 567-9292 (MO), or Contact Us and we will get in touch as soon as possible.

Veterans Benefits O'Fallon ILFor Immediate Help

If you or a loved one needs immediate help with a planning matter or legal issue, please contact us, and we will get back to you promptly.

Office Hours
Monday - Friday: 8:30 a.m. to 5 p.m.

Call Us
618-632-7000
217-330-5500
314-567-9292

Connect with Us

  • Facebook
  • Twitter
  • YouTube

Join us for a FREE Workshop

 

Free WorkshopsIf you have reached age 65, there's about a 45% chance that you will eventually need long-term care.

Join us for one of our highly informative and FREE workshops and find out how you can protect your family's hard-earned life savings.

Visit Free Workshops for more information.

Newsletter

Subscribe to our free weekly Newsletter and receive the latest news, updates and videos straight to your inbox!

Recent Posts

  • What an Illinois Medicaid Applicant Can and Cannot Keep: Motor Vehicles
  • What an Illinois Medicaid Applicant Can and Cannot Keep: Personal Residence
  • What an Illinois Medicaid Applicant Can and Cannot Keep: Household Goods & Personal Effects
  • What an Illinois Medicaid Applicant Can and Cannot Keep: Life Estates
  • What an Illinois Medicaid Applicant Can and Cannot Keep: Money & Other Assets Held in Trusts

More News & Videos

  • Alzheimer's Planning (85)
  • Asset Preservation Planning (150)
  • Coronavirus Preparedness Series (9)
  • Coulson Elder Law (11)
  • Elder Law Minute Video (385)
  • Estate Planning (132)
  • Health Care Planning/Medicare (79)
  • Medicaid Eligibility (141)
  • News & Videos (429)
  • Special Needs Planning (48)
  • Trust Administration (14)
  • Veterans Benefits (51)

774 Sunset Blvd Suite 200
O'Fallon, IL 62269
IL: (618) 632-7000
MO: (314) 567-9292

415 W. Virginia Ave.
Effingham, IL 62401
(217) 330-5500

Fax: (618) 632-7333
Send us an email

Front office building of Coulson Elder Law

Front office building of Coulson Elder Law

  • Directions to our office locations

774 Sunset Blvd Suite 200
O'Fallon, IL 62269
IL: (618) 632-7000
MO: (314) 567-9292

415 W. Virginia Ave.
Effingham, IL 62401
(217) 330-5500

Fax: (618) 632-7333
Send us an email

  • About Us
  • News and Videos
  • Weekly Newsletter
  • Brochures
  • Presentations
  • Hear From Our Clients
  • Partners & Resources
  • Legal Disclaimer

Copyright © 2023 · Wesley J. Coulson | Dent Coulson Elder Law, LLC