What is the most common form of ownership?
A. For couples, whether or not married, joint tenancy is the most common form of ownership. Under joint tenancy, each person owns an undivided interest in the real estate. At the death of one joint tenant, the interest of the decedent, by operation of law, is immediately transferred to the surviving owner, who becomes the sole owner of the property. When property is held in joint tenancy, the beneficiaries of a deceased joint tenant have no claim to the property, even if the deceased mistakenly tried to leave the property to them. Most couples choose this form of ownership to avoid having their home involved in probate. Tenancy by the entirety operates similarly but requires that the tenants be spouses and the property is their homestead. This form of ownership is not recognized by some states. Consult an attorney to determine the form of ownership most advantageous to you. Q. What is a tenancy in common? A. Tenancy in common gives each owner separate legal title to an undivided intere
