Joint Tenancy
Joint tenancy is a legal arrangement where two or more people own property together with equal rights. A key feature is "right of survivorship," meaning if one owner passes away, their share automatically transfers to the other owners, bypassing probate. This setup is often used by couples or family members to ensure that the property remains within the group. All joint tenants must agree to sell or transfer the property, making decisions collectively. It's important to understand the implications of joint tenancy, especially regarding taxes and estate planning.
Additional Insights
-
Joint tenancy is a legal arrangement where two or more people own a property together, sharing equal rights to it. A key feature is the "right of survivorship," meaning if one owner passes away, their share automatically goes to the surviving owners, rather than being part of the deceased’s estate. This setup allows for seamless transfer of ownership and can help avoid probate. Joint tenants must acquire the property at the same time and have equal ownership interests, making it important for co-owners to understand their rights and responsibilities.