What is Joint Tenancy?
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- What is Joint Tenancy?
What is Joint Tenancy?
What is a Joint Tenancy?
Joint tenancy is a form of ownership by two or more individuals together. It differs from other types of co-ownership in that the surviving joint tenant immediately becomes the owner of the whole property upon the death of the other joint tenant. This is called a "right of survivorship."
A joint tenancy between a husband and wife is generally known as a tenancy by the entirety. Tenancy by the entirety has some different characteristics than other joint tenancies, such as the inability of one joint tenant to sever the ownership.
What is a Tenancy in Common?
A tenancy in common is another form of co-ownership. It is the ownership of an asset by two or more individuals together, but without the rights of survivorship that are found in a joint tenancy. Thus, on the death of one co-owner, his or her interest will not pass to the surviving owner or owners but will pass as an individual share according to his or her will or, if there is no will, by the law determining heirs.
How is a Joint Tenancy Created, and What Property Can Be So Held?
Donate Today!
- Why should you resolve to support civil legal aid in 2024?
- Why Give To Legal Aid
- Everyone Benefits From Legal Aid
- Missouri Legal Aid Sucess Stories
- Video: A Client's Story
- Justice in Schools - Legal Services of Western Missouri
- Mid-Missouri Legal Services - Justice in the Halls Clinic
- Uncontested Divorce Clinic - Mid-Missouri Legal Services
- Veterans Law Project: Mid-Missouri Legal Services
- Mid-Missouri Legal Services Clinics Based Upon Interest
- Free Legal Clinic at St. Louis Public Library’s Central Branch
- Gene Taylor Veterans Clinic Springfield MO
- Topics
- Housing
- What is Joint Tenancy?
What is Joint Tenancy?
What is a Joint Tenancy?
Joint tenancy is a form of ownership by two or more individuals together. It differs from other types of co-ownership in that the surviving joint tenant immediately becomes the owner of the whole property upon the death of the other joint tenant. This is called a "right of survivorship."
A joint tenancy between a husband and wife is generally known as a tenancy by the entirety. Tenancy by the entirety has some different characteristics than other joint tenancies, such as the inability of one joint tenant to sever the ownership.
What is a Tenancy in Common?
A tenancy in common is another form of co-ownership. It is the ownership of an asset by two or more individuals together, but without the rights of survivorship that are found in a joint tenancy. Thus, on the death of one co-owner, his or her interest will not pass to the surviving owner or owners but will pass as an individual share according to his or her will or, if there is no will, by the law determining heirs.
How is a Joint Tenancy Created, and What Property Can Be So Held?