Mrs. Lee adds her adult son, Thomas, as a joint tenant to her principal residence with the intention of avoiding probate fees. What is a significant risk she faces by doing this?

Question: Mrs. Lee adds her adult son, Thomas, as a joint tenant to her principal residence with the intention of avoiding probate fees. What is a significant risk she faces by doing this?

Answer options:

• Thomas could remarry and his new spouse may acquire an interest in the property upon his death. ✅ The property is exposed to Thomas's creditors or matrimonial claims.
• Mrs. Lee will lose her principal residence exemption for capital gains.
• Thomas will be required to pay the entirety of the property taxes immediately.

Correct answer: The property is exposed to Thomas's creditors or matrimonial claims.

Explanation: Adding an adult child as a joint tenant exposes the property to their financial risks, including claims from creditors, matrimonial disputes, or bankruptcy, as the child now legally owns an undivided interest in the property. This can jeopardize the original owner's asset protection.