What is joint tenancy?
Joint tenancy is an undivided interest in property, taken by two or more joint tenants. The interest must be equal, accruing under the same conveyance, and beginning at the same time. Upon the death of a joint tenant, the interest passes to the surviving joint tenants, rather than the heirs of the deceased. This type of ownership is commonly used by couples who want the surviving partner to receive ownership of the deceased’s share of the property. However, some states have statutory provisions which deem joint tenancies to be severed upon the death of one joint tenant, unless the joint owners have agreement in writing stating otherwise. Other states have abolished the recognition of joint tenancy all together and will treat all instances of joint tenancy as tenancy in common. It is important to understand how a specific state’s statutory provisions will affect the ownership rights of both joint tenants and tenants in common and then plan your affairs accordingly.
