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joint tenancy |
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joint tenancy A short version of the term “joint tenants with right of survivorship.”A method of taking title to real property;commonly used by husbands and wives,or by others,as an estate planning tool.The parties each own a fractional share and,at the same time,own the whole of the property.If a joint tenant dies,the others do not inherit that tenant's share,but simply see the removal of an obstacle in the way of taking everything.This is a subtle point,but it is the heart of the estate planning tool—no one inherits anything as a result of the death of the other joint tenant(s).As a result, the property does not pass through probate and cannot be used to satisfy claims against the estate of the decedent. However, • The property may be includable in one owner's estate for purposes of calculating estate taxes. The rules are different depending on whether the parties were married or not. Joint Tenancy A form of joint ownership under which two or more individuals own property. Each tenant has an undivided interest in the entire property. On the death of one of the owners, the survivors become the owner of the entire property. persons. Also see "Tenancy by the Entireties" and "Tenancy in Common." 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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| Although tenancy in common interests are available to satisfy a decedent's creditors, a creditor must execute on property held in joint tenancy during the lifetime of the debtor or the surviving joint tenant will be entitled to the property free from creditors' claims. By contrast, joint tenancy provides the surviving joint tenant with a date of death value basis only for the decedent's half interest in the jointly owned property. Often, the residence is held in joint tenancy or in a tenancy by the entirety, in which case the residence would not pass under the will but rather would pass to the remaining joint tenant under operation of law. |
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