Joint tenants with right of survivorship


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Joint tenants with right of survivorship

In the case of a joint account, on the death of one account holder, ownership of the account assets is transferred to the remaining account holder or holders.
References in periodicals archive ?
citizens with all their assets titled as joint tenants with right of survivorship, and their net worth is $10 million.
This article examines the effects of owning property as tenants by the entirety, tenants in common, joint tenants with right of survivorship, and with life estates.
William Biggers and Linda Crook, brother and sister, inherited a piece of real property upon the death of their mother, taking the property as joint tenants with right of survivorship.
One solution to this dilemma has been for couples to take title as joint tenants with right of survivorship, but then have an acknowledgment--usually inside a trust or will--stating their intention that the property remain a community" asset, regardless of the form of title.
Property owned as joint tenants with right of survivorship is not treated the same and one tenant's interest in such property generally may be reached by his or her creditors, perhaps through partition of the debtor's interest.
Thus, if the decedent devises property to the surviving spouse and a third party(s) as joint tenants with right of survivorship and, under local law, the surviving spouse has a power of severance exercisable without the consent of the other joint tenant(s) and by exercising this power could acquire an undivided interest in the property as a tenant in common, the power of severance will satisfy the condition that the surviving spouse has a power of appointment in favor of the surviving spouse or the surviving spouse's estate.
A 1987 constitutional amendment makes it possible for spouses to hold community property as joint tenants with right of survivorship, without first having to partition community property into separate property and then convert the separate property into survivorship joint tenancy (the old Texas two-step).
4th DCA 1995), where ownership is defined as joint tenants with right of survivorship, a creditor of one of the joint tenants may attach that joint tenant's portion of the property to recover that joint tenant's individual debt, whereas when property is held as tenants by the entireties, only the creditors of both spouses, jointly, may attach the TBE property.
For property that was owned by the decedent and another person as joint tenants with right of survivorship or tenants by the entirety, if the only such other person is the surviving spouse, the decedent will be treated as the owner of only 50% of the property.
2040(b), half the value of any property held by a decedent and his spouse as tenants by the entirety or as joint tenants with right of survivorship (when the decedent and spouse are the only joint tenants) is included in the gross estate of the first spouse to die, regardless of the source of the consideration for the property.
They own a $350,000 house as tenants by the entirety and $150,000 in miscellaneous assets as joint tenants with right of survivorship.
In Young, the decedent and his wife had owned real property as joint tenants with right of survivorship in a community property state.

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