A. - 'Joint Tenancy' is an estate in property, title to which is held in the names of two or more persons - each of whom have an undivided interest in the property.
The uniqueness of this tenancy in real property is that upon the death of one joint tenant, that person's interest passes to the 'survivor(s)' of the Joint Tenancy.
Property held in Joint Tenancy is not a part of the 'probate estate' of the decedent, and not subject to normal claims of creditors of deceased. The is property still subject to existing liens created by the deceased joint tenant.
To create a joint tenancy estate it is necessary to make the establishment of this estate clear on the deed, title or certificate of ownership, granting the interest, by the use of the words -
as 'joint tenants, and not as tenants in common,
with full rights of survivorship.
Sometimes people attempt to create a 'joint tenancy' by the use of the words - 'and or'.
- In most states this merely gives either of the persons the full title to personal property - and a tenancy in common in real property.
- We recommend that the 'joint tenancy' estate, in most cases only be used - when the property is jointly acquired - the parties are husband and wife of long standing - or a single person on the verge of dying with an adult child who is an only child.
There are many exceptions to this general rule, and before making your decision discuss the options with your attorney.
- Never - Never, ever create a 'joint tenancy' with a minor child!
The most important consideration in creating a 'joint tenancy' is that both parties actually want the property to pass to the 'survivor'.
- Never - Never, ever create a 'joint tenancy' with one or more other persons, expecting that person(s) will take care of other children or persons.
The most important consideration in creating a 'joint tenancy' is that both parties actually want the whole property to pass to the 'survivor'.
FAQ - Pre-Nuptial Agreements - Ante Nuptial
- Serious problems can arise when you create a 'joint tenancy' in the names of more than one person - people don't always die in the proper order! - or when the 'joint tenant ' is one of several adult children, and you expect that child to be 'fair' with the others!