The joint tenancy deed, with its right of survivor, is one of the best tools to transfer real estate between spouses, partners and heirs. The principal characteristic of holding title in joint tenancy is that a joint tenancy deed transfers title immediately upon the death.
Joint tenancy consists of an estate owned jointly in equal undivided shares by two or more persons. For example, it can be between a husband and a wife, a father and his sons, brothers, sisters or any combination of relatives, partners or friends. Where the goal is to pass property down between a husband, wife, children or partners holding title in joint tenancy makes sense
Each co - tenant in a joint tenancy, whether there be two, three or more such tenants is regarded by law as constituting a unity with each co - tenant vested with title to an equal share of the entire property.
Like much of our modern real estate law, he concept of a joint tenancy deed is one of those early English common laws that has been handed down from generation to generation.
Early English law favored the creation of joint tenancy because of the right of survivor. The right of survivor preserved feudal property holdings until the death of the last survivor. Under early English common law any conveyance or transfer of real estate to two or more persons presumptively created a joint tenancy unless expressly declared otherwise.
Today in most states the common law presumption has been abrogated and by statute most states now require that joint tenancy be created by a writing that expressly declares an intention to create a joint tenancy.
The joint tenancy right of survivor operates automatically and therefor it is superior to other forms of tenancy when the desire is to transfer property to the survivor When one tenant dies, the entire estate automatically belongs to the surviving tenant.
In the context of probate, this automatic passing of title does not require a will or a court probate. Upon death, the interest of the deceased joint tenant is not a part of his or her estate and does not pass to heirs of the deceased. It passes by right of survivor, to the tenant or tenants that appear on the deed.
In the situation where only one surviving joint tenant remains, ownership of the property becomes a part of the estate of the surviving joint tenant who can then transfer the property during his or her life time or upon their death however they choose.
The death of a joint tenant is established by recording an affidavit of death that describes the real property along with an attested or certified copy of the death certificate.
These recorded documents are evidence of the death of the deceased joint tenant and perfects title in the survivor without need for a costly court proceeding.
The joint tenancy deed with its right of survivor is a valuable tool in any estate plan because it accomplishes the transfer of property without the necessity of costly court proceedings.
Joint tenancy consists of an estate owned jointly in equal undivided shares by two or more persons. For example, it can be between a husband and a wife, a father and his sons, brothers, sisters or any combination of relatives, partners or friends. Where the goal is to pass property down between a husband, wife, children or partners holding title in joint tenancy makes sense
Each co - tenant in a joint tenancy, whether there be two, three or more such tenants is regarded by law as constituting a unity with each co - tenant vested with title to an equal share of the entire property.
Like much of our modern real estate law, he concept of a joint tenancy deed is one of those early English common laws that has been handed down from generation to generation.
Early English law favored the creation of joint tenancy because of the right of survivor. The right of survivor preserved feudal property holdings until the death of the last survivor. Under early English common law any conveyance or transfer of real estate to two or more persons presumptively created a joint tenancy unless expressly declared otherwise.
Today in most states the common law presumption has been abrogated and by statute most states now require that joint tenancy be created by a writing that expressly declares an intention to create a joint tenancy.
The joint tenancy right of survivor operates automatically and therefor it is superior to other forms of tenancy when the desire is to transfer property to the survivor When one tenant dies, the entire estate automatically belongs to the surviving tenant.
In the context of probate, this automatic passing of title does not require a will or a court probate. Upon death, the interest of the deceased joint tenant is not a part of his or her estate and does not pass to heirs of the deceased. It passes by right of survivor, to the tenant or tenants that appear on the deed.
In the situation where only one surviving joint tenant remains, ownership of the property becomes a part of the estate of the surviving joint tenant who can then transfer the property during his or her life time or upon their death however they choose.
The death of a joint tenant is established by recording an affidavit of death that describes the real property along with an attested or certified copy of the death certificate.
These recorded documents are evidence of the death of the deceased joint tenant and perfects title in the survivor without need for a costly court proceeding.
The joint tenancy deed with its right of survivor is a valuable tool in any estate plan because it accomplishes the transfer of property without the necessity of costly court proceedings.
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