Joint Tenancy

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Joint Tenancy

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.

• A joint tenancy may be destroyed if one owner transfers his or her interest to a third party. If that happens, the new owner becomes a tenant in common, not a joint tenant. If there were originally more than two joint tenants, the remaining ones may still be joint tenants as to each other's interest.

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."
References in periodicals archive ?
Further, I have seen the legitimas defined as a portion of the parents' joint estate or as a portion of the individual estate of the mother or father.
The couple, married for 47 years, made a will in October 2009, naming each other as the beneficiary if one of them died, with their joint estate worth PS230,000.
ISLAMABAD, February 02, 2010 (Frontier Star): The Ministry of Housing and Construction will submit an application in the Federal Public Service Commission to appoint scale-19 officer for filling the vacant post of Estate Officer, while Joint Estate Officer in Estate Office has been made as acting Estate Officer.
As long as your joint estate doesn't exceed the inheritance tax threshold (currently pounds 285,000), your children will not be liable for tax when they inherit or dispose of your property.
With property prices near an all-time high, many married couples now have a joint estate worth a great deal more than the current inheritance tax (IHT) threshold of pounds 285,000.

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