A type of ownership of property where each owner has an undivided ownership. When one of the joint tenants dies, his or her interest passes to the surviving joint tenants. Before you decide to transfer property or to change the form of ownership of property you already own, consult with your attorney as to what form of ownership is best for you. See also tenants in common.
Ownership of property by two or more people in which the survivors automatically gain ownership of a decedent's interest. see also tenancy.
A type of ownership by two or more parties, with the survivors continuing to hold all property on the death of one or more of the tenants. Each joint tenant can unilaterally sever the tenancy.
One of the most common methods of home ownership. In the event of the death of the owner, the ownership interest held by that owner transfers to the other joint tenant(s).
An interest in property held by two or more people or entities. Upon the death of a joint tenant, that joint tenant's interest passes to the surviving joint tenants, not to the heirs of the deceased joint tenant.
One of the most common methods of homeownership. In the event of the death of one owner, the ownership interest held by that owner transfers to the other joint tenants.
Two or more persons holding title to property jointly with equal rights during their lifetime with the survivor to receive the entire property. In other words, death of a joint owner automatically transfers ownership of the property to the surviving joint tenants. Joint tenancy will supersede any provisions contained in a will. Joint tenancy is different from tenancy in common. Joint tenancy has drawbacks and risks, and should only be used with legal advice. The consent of all joint tenants is necessary to sell, pledge, or encumber property owned in this fashion. The tax consequences of this type of ownership is not properly understood by many people.
A form of ownership by two or more persons such that upon one owner's death, the other owner automatically inherits the entire asset. A will provision cannot give the asset to someone other than the joint owner.
A title that can be placed on property that is co-owned. At the death of one of the co-owners, the other will become the sole owner of the property, regardless of what may be conveyed in the will.
Shared ownership between two or more people, with the survivor(s) owning the property after the death of one or more fellow joint tenants. This delays probate, but ultimately does not avoid it. Moreover, it may result in income-and estate-tax pitfalls along with unintended liabilities. Compare with "Tenancy in common."
A type of ownership of property by two or more persons in which each owns an interest in the whole. Upon the death of any joint tenant, his or her ownership interest automatically passes to the surviving joint tenant(s).
A form of property ownership formed by two or more persons and legally held as joint tenants. Upon the death of an owner, assets of the deceased owner automatically pass to the surviving joint tenants.
This is when two or more people hold title jointly and equally to share during their lives. Each owner can sell or give away their share during their life but cannot pass it on by way of will or trust.
A title that is often placed on co-owned property. At the death of one owner, the other owner will be legally entitled to sole possession of the property, regardless of what provisions are made in a Will. A husband and wife often use this form of ownership. (See also "Tenants by Entirety")