Joint Tenants in Common (JTIC)

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Definition of 'Joint Tenants in Common (JTIC)'

Joint tenants in common (JTIC) is a form of ownership in which two or more people own an asset together. Each owner has an equal share in the asset, and they can sell their share or pass it on to their heirs without the consent of the other owners.

There are a few key differences between JTIC and other forms of ownership, such as tenancy in common and joint tenancy.

* **JTIC is not a probate asset.** This means that if one of the owners dies, their share of the asset will pass directly to their heirs, without going through probate court. This can be a significant advantage for JTIC owners who want to avoid the time, expense, and hassle of probate.
* **JTIC owners can sell their shares without the consent of the other owners.** This gives JTIC owners more flexibility than joint tenants, who cannot sell their shares without the consent of all of the other joint tenants.
* **JTIC owners can have different interests in the asset.** For example, one owner may have a 50% interest in the asset, while the other owner may have a 25% interest. This is not possible with joint tenancy, where all owners must have equal shares in the asset.

JTIC can be a good option for people who want to own an asset together with someone else, but who want to retain some degree of control over their own share of the asset.

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