My wife and I are buying a new home, and our lawyer has asked us whether we want to be “joint tenants” or “tenants in common”. Whats the difference?
A. The biggest difference is that, with joint tenancy, when one of the joint tenants dies, that person’s share of the property automatically goes to the other joint tenant, without having to go through probate. With tenancy in common, if one person dies, that person’s share goes to his or her Estate, and is distributed according to the Will.
