Joint Owned Property

Joint Owned Property

A property with more than one owner in which all owners have rights of survivorship. In other words, when one owner of a jointly-owned property dies, the property does not become part of the decedent's estate; rather, the other owners continue to own the property. A couple may jointly own their home, for example. Likewise, two business partners may jointly own a business property: if two persons own an apartment complex and one of them dies, the whole of the complex belongs to the co-owner, and not the decedent's heirs. It is important to note, however, that the decedent's liabilities may remain attached to this property and may be used to pay off creditors, even if the creditors had nothing to do with the property in question.