tenancy by the entirety


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Related to tenancy by the entirety: Joint tenancy, tenancy in common

Tenancy by the Entirety

The joint ownership of a property with rights of survivorship. In other words, a property with tenancy by the entirety does not become part of a decedent's estate; rather, the other tenants continue to own the property. Couples may be tenants by entirety on a jointly-owned house, for example. Likewise, two business partners may be tenants by entirety 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 this property and may be used to pay off creditors, even if the creditor had nothing to do with the property in question.

tenancy by the entirety

A type of asset ownership limited to married couples in which each spouse holds an equal share of the asset but neither may sell or give away an interest without the other's permission. If one spouse dies, the deceased's share automatically passes to the surviving spouse. Compare tenancy in common.
References in periodicals archive ?
Before the enactment of the statutory change, Goltermann says, spouses whose estate plan recommendations included the common vehicle of revocable inter vivos trusts would have to choose between their estate planner's advice and the protections against creditors that tenancy by the entirety confers.
Wrote one, "It seems to me that the nature of trust beneficiary interests and the right of survivorship attendant to tenancy by the entirety are not compatible.
Like all property owners who meet the technical requirements, (167) married debtors who own real property as a tenancy by the entirety may claim a constitutional homestead exemption.
holding of personalty in tenancy by the entirety is recognized in cases
Section 522(b)(2)(B) allows a debtor to exempt tenancy by the entirety property if the state, such as Florida, has opted out of the federal exemptions.
The right of tenancy by the entirety may be claimed in any personal asset, including promissory notes,[11] checking accounts,[12] and tax exempt bonds.
As to the tenancy by the entirety property, under Maryland law, there can be no unilateral severance of tenancy.
Estate taxes may not be apportioned to Virginia tenancies by the entirety In Reno,(73) at his death, the decedent left a probate estate of approximately $650,000 in the state of Kentucky and a personal residence and various checking accounts held with his wife in tenancy by the entirety in Virginia.
In some jurisdictions, a tenancy by the entirety differs from a joint tenancy with right of survivorship specifically in that the former interest is not severable without mutual consent.
The typical form of home ownership among married couples is a joint'tenancy with right of survivorship or, in some states, a tenancy by the entirety.
The ruling did not discuss any issues raised by the husband's status as income beneficiary of both the marital trust and the residuary trust; nor did it discuss the point that in many states, state law does not allow a spouse to partition property held in a tenancy by the entirety.