What Are “Joint Tenants with Right of Survivorship” and “Tenants in Common” – Is There a Difference?
When more than one person buys or owns property together, they can hold title to the property in several ways: Either as “joint tenants with right of survivorship” (abbreviated as “JTWROS”); as “tenants in common”; or as separate individuals with distinct and severable interests in the property. “Joint tenants with right of survivorship” means that each owner has a whole, undivided interest in the entire parcel of property. (Not that one owns the western half and the other the eastern half, for example). Upon the sale of the property, each owner would get one-half of the total proceeds. Because the owners have a “right of survivorship”, if one were to die before the other, the deceased owner’s interest would pass automatically to the surviving owner. The deceased owner’s interest does not go through probate and cannot be given to an heir or devisee. This can be a great estate-planning tool. “Tenants in common” also means that each owner has a whole, undivided interest in the entire par
Related Questions
- 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?
- What Are "Joint Tenants with Right of Survivorship" and "Tenants in Common" - Is There a Difference?
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