What does being a joint tenant mean?
“Joint Tenants” is one of the ways in which individuals may own title to real property. It means that the survivor of the joint tenants has the right to have the deceased’s name deleted from title and to be registered as the sole owner of the property. This process is called a survivorship application. It is exempt from Land Transfer Tax and is not considered part of the deceased’s assets under the terms of a will or on an intestacy. It is often an effective estate planning tool but must be used with caution to avoid unexpected tax implications.
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