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Article: Joint tenancy can alleviate headaches for any survivors
- Article from:
- Chicago Sun-Times
- Article date:
- October 16, 1987
- Author:
CopyrightCopyright (null) Chicago Sun-Times. (Hide copyright information)
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Q: A few weeks ago, when you were discussing probate, you
mentioned that a small estate of under $25,000 can be settled without
any probate court proceedings whatever, but that the estate had to be
entirely personal property, that is, it could not include any
interest in real estate.
My wife and I don't have much, except our home, and we really
don't even have much equity in that. Does this mean that when the
first of us dies, the survivor won't be able to settle the estate,
which will be less than $25,000, without taking it to the probate
court? How can this be avoided.
A: If you and your wife hold title to the house as joint
tenants, the house would immediately pass to the ...