Joint Tenancy

Characteristics of a Joint Tenancy

 

•It is an estate that is owned by two or more natural persons

•The right of survivorship is automatically a part of the tenancy

•If one of the joint tenants dies, the other(s) get title to the property by virtue of the right of survivorship - No will is necessary

•If one of the joint tenants sells his/her interest, the new tenancy is a tenancy in common

 

The right of survivorship is the defining feature of a joint tenancy.  When there is right of survivorship, the remainder automatically goes equally to the surviving tenants without any need for a will.  

 

The best description of a joint tenancy follows:

 

In a joint tenancy, all parties own the entire property together.  That's the reason there's no need for a will or probate.  When one party dies, the ownership has not changed - only the number of tenants has changed.  Either party may sell his/her share without permission of the other joint tenants.

 

If there is a will, the remainder goes to the survivor no matter what the will says.

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