joint ownership

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Joint Ownership

A situation in which two or more persons co-own a property. In other words, if two or more persons jointly own a property and one of them dies, the property does not become part of a decedent's estate; rather, the other owner(s) continue to own the property. A married couple may jointly own their house, 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. However, the decedent's liabilities may remain attached to this property and may be used to pay off creditors, even if the creditor had nothing to do with the property in question.

joint ownership

Ownership of an asset, such as property, by two or more parties. Joint ownership of property has advantages and disadvantages compared with individual ownership. For example, the property automatically passes to the co-owners upon the death of one of the other owners. Also, with one type of joint ownership, one owner can sell the property without the permission of the other owners. See also joint tenancy with right of survivorship, tenancy by the entirety, tenancy in common.

joint ownership

Ownership of property by two or more people or entities. It includes tenants in common,joint tenants with right of survivorship,tenants by the entireties,and community property interests.

References in periodicals archive ?
Prospective will writers also should consider that some of their assets won't be affected by a will, such as jointly held property, life insurance or retirement plans that name a beneficiary, Welch said.
Further, the treatment of jointly held property is also disadvantageous in the case of noncitizen spouses.
Upon the first spouse's death, one-half of the value of the jointly held property is included in the deceased spouse's gross estate.
our joint venture partner in a block of claims adjacent to the Murgor gold discovery of 1994, has completed the drilling of five holes collared on the jointly held property and results have been reported by Murgor on March 7, 1996.
The Clinton Administration's position is that changes to the Federal estate tax treatment of jointly held property in 1981 have undermined the premises on which Sec.
2518-2(c) (4)(i) now permits a joint tenant to disclaim jointly held property not unilaterally severable on the same basis as joint property unilaterally severable.
The IRS has stated that the nine-month period for disclaiming an interest in jointly held property runs from the date that "title is created.