Joint Tenancy

Joint Tenancy

When title to real property is held in joint tenancy between two or more people, and one of the owners dies, the other owner(s) automatically own the deceased owner’s share.  This is often also commonly known as Right of Survivorship.  This is most commonly used with married couples.   Costs and delay of a probate are not required to transfer the property under Rights of Survivorship.

Tenancy-In-Common

When Title to real property is held in tenancy-in-common between two or more people, each can leave his or her interest upon death to beneficiaries of their choosing.  This is often used with people who want to both jointly own real property with others, but also want to designate who will receive their interest when they die.

Joint Tenancy

When title to real property is held in joint tenancy between two or more people, and one of the owners dies, the other owner(s) automatically own the deceased owner’s share.  This is often also commonly known as Right of Survivorship.  This is most commonly used with married couples.   Costs and delay of a probate are not required to transfer the property under Rights of Survivorship.

Tenancy-In-Common

When Title to real property is held in tenancy-in-common between two or more people, each can leave his or her interest upon death to beneficiaries of their choosing.  This is often used with people who want to both jointly own real property with others, but also want to designate who will receive their interest when they die.

Trust

When title to a property is held in trust it can have the same power and advantages as a Joint Tenancy with Rights of Survivorship. Holding title in a Trust or other Entity will allow for a greater degree of flexibility and control, and can also avoid the time and expense of a probate and other tax issues.

When title to a property is held in trust it can have the same power and advantages as a Joint Tenancy with Rights of Survivorship. Holding title in a Trust or other Entity will allow for a greater degree of flexibility and control, and can also avoid the time and expense of a probate and other tax issues.