What is the difference between a joint tenancy and a tenancy-in-common?
A joint tenancy is a form of joint ownership where all the joint owners have an identical interest in the property. On the death of one owner, their interest passes to the remaining owner(s) by the right of survivorship. A tenancy-in-common is a form of co-ownership of property where each co-tenant owns a separate share in the property. On the death of one of the co-tenants, their share passes to their own beneficiaries by their will or intestacy. Tenancies in common are sometimes implemented in an attempt to reduce inheritance tax.
