Joint Tenancy

Joint tenancy is a form of ownership in which two or more people own property together. Each owner has an equal share in the property, and upon the death of one owner, the surviving owner(s) automatically receive the deceased owner's share. This is in contrast to tenancy in common, in which each owner has a separate interest in the property that can be passed on to their heirs.

There are two types of joint tenancy: joint tenancy with right of survivorship and joint tenancy without right of survivorship. In a joint tenancy with right of survivorship, the surviving owner(s) automatically receive the deceased owner's share of the property. In a joint tenancy without right of survivorship, the deceased owner's share of the property passes to their heirs, rather than to the surviving owner(s).

Joint tenancy is often used for couples who want to own property together but do not want to leave their share of the property to the other person's heirs. For example, a married couple may own their home in joint tenancy with right of survivorship. This means that if one spouse dies, the other spouse will automatically own the entire home.

Joint tenancy can also be used for business partners who want to own property together. For example, two business partners may own a commercial property in joint tenancy with right of survivorship. This means that if one partner dies, the other partner will automatically own the entire property.

It is important to note that joint tenancy is not the same as a will. A will is a legal document that specifies how your property will be distributed after your death. Joint tenancy does not revoke a will, but it does affect how the property is distributed if you die without a will.

If you are considering owning property with someone else, it is important to understand the different types of ownership and choose the one that is right for you. If you have any questions, you should consult with an attorney.