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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. Joint Tenants with Right of Survivorship Two or more persons who own a property for which they have right of survivorship. In other words, if two or more persons jointly own a property with right of survivorship, and one of them dies, the property does not become part of a decedent's estate; rather, the other tenants continue to own the property. A married couple may be joint tenants with right of survivorship on their house, for example. Less commonly, two business partners may be joint tenants with right of survivorship on 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 the property and may be used to pay off creditors, even if the creditor had nothing to do with the property in question. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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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. In Young, the decedent and his wife had owned real property as joint tenants with right of survivorship in a community property state. This created problems, especially if a purchaser of a residence was not aware that the decision to take title to the property as either joint tenants with right of survivorship or tenants by the entirety affected the ability to disclaim the property after the first joint tenant's death. |
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