Estate Planning and Tenancy by the Entirety





The way that a property is titled can affect your estate planning efforts and have major legal ramifications. Some forms of property ownership can protect you from creditors and probate, while others may leave you at the mercy of your co-owner’s whims and the property could end up going through a lengthy probate process – or you could find yourself dealing with the other owner’s creditors.

Many people don’t realize the different titling options available to them how they differ. Understanding the property titling options available to you is an important piece of protecting your estate and planning for the future. In this article we present highlights of the tenancy by the entirety form of ownership.

Tenancy by the entirety is a form of home ownership that provides a high level of protection for the owners. Pennsylvania is one of about 20 states that allow tenancy by the entirety for more than just real estate (several states allow tenancy by the entirety only for real estate).

Overview of Tenancy by the entirety

  • Available only to married couples
  • Creates an estate where each spouse has an undivided interest in the property (or equal right of possession and enjoyment during their lives).
  • Creditors of either spouse cannot place a lien on properties held as tenancy by entirety (however creditors with a judgment against both spouses may do so). For example, if one spouse files for bankruptcy but not the other spouse, then the property is safe. However if both spouses file for bankruptcy, the property would be available to creditors.
  • Vests each spouse with the right of survivorship if the other spouse dies (the deceased spouse’s interest transfers to the surviving spouse).
  • Surviving spouse takes title to the deceased spouse’s share of the property at a “stepped-up basis” (fair-market value) as of the date the spouse died.
  • With one surviving spouse, the deceased spouse’s portion of the property does not need to go through probate.

You can read more about different ways to title property in our law library, including, “Estate Planning and Tenancy in Common”, “Estate Planning and Joint Tenancy with Right of Survivorship”, and “Estate Planning and Sole Ownership”.

To learn more about holding Pennsylvania property in tenancy by the entirety and other estate planning matters, please contact the experienced estate planning attorney at the law offices of Shields and Boris.

Elder Law Offices of Shields and Boris

109 VIP Drive

Suite 200

Wexford, PA 15090

Toll Free: (888) 444-4093

Phone: (724) 934-5044


Bookmark and Share

©2010 Elder Law Offices of Shields and Boris, All Rights Reserved, Reproduced with Permission
Attorney website design by Foster Web Marketing, the best attorney website design solution on the Web offering search engine optimization for attorneys, lawyer website design, video for attorneys, and more.
Get SEO Tips from The Attorney Internet Marketing Blog
Pennsylvania Estate Plan Attorney, PA estate administration help, Pennsylvania probate lawyer, Wexford revocable living trust, Western PA special needs trust law firm, PA veterans benefits, aid and attendance VA benefits, asset protection help in PA
Served By: A