Joint tenancy is a form of ownership where two or more people own equal shares of the property. The ownership rights of each joint tenant includes the right of survivorship. So, if any of the joint tenants passes away, then the surviving tenants will automatically get a share of that joint tenant’s interest.
The right of survivorship aspect of joint tenancy will automatically transfer the deceased joint tenant’s property to the surviving joint tenants. Instead of going to probate court, the surviving joint tenants merely need to fill out a form and bring a death certificate to the keeper of ownership records (i.e. a bank, department of motor vehicles).
There are a few limitations with joint tenancy ownership, and they mainly concern the elderly. The major limitations include:
Using joint tenancy to avoid probate will have some drawbacks and complications.
An estate attorney will know the pros and cons of owning property as joint tenants. And if your major concern is avoiding probate, the lawyer can help you draft different legal documents, as you desire without having any unforeseeable effects.
Last Modified: 10-03-2016 09:29 PM PDTLaw Library Disclaimer
We've helped more than 4 million clients find the right lawyer – for free. Present your case online in minutes. LegalMatch matches you to pre-screened lawyers in your city or county based on the specifics of your case. Within 24 hours experienced local lawyers review it and evaluate if you have a solid case. If so, attorneys respond with an offer to represent you that includes a full attorney profile with details on their fee structure, background, and ratings by other LegalMatch users so you can decide if they're the right lawyer for you.