joint tenancy with right of survivorship

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Joint Tenancy with Right of Survivorship

The ownership of property for which the co-owners 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 owner(s) 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 the property may be used to pay off creditors, even if the creditor had nothing to do with the property in question.

joint tenancy with right of survivorship (JTWROS)

Asset ownership for two or more persons in which each owner holds an equal share and may give away or sell that share without the permission of the other owner(s). In the event of death, an owner's share is divided equally among the surviving co-owners. Also called right of survivorship. Compare tenancy in common. See also tenancy by the entirety.
References in periodicals archive ?
In order to avoid this kind of drama, it may make sense to add the other partner as an owner to real estate and other acounts, perhaps as joint tenants with rights of survivorship. It may make better sense to create a living trust to hold real estate and other individual assets to allow for continued management after the main owner passes without risk of the survivor being removed or being forced out due to lack of ability to pay carrying charges on the property.
For an interest in real property to avoid probate, the land must be validly conveyed in one of the following ways: to two or more owners as "joint tenants with rights of survivorship"; to a valid trust that does not violate the restrictions on the devise of homestead for an owner who is survived by a spouse and/or minor child; or to a husband and wife who are married at the time of transfer and remain married continuously, creating ownership as tenants by the entireties.
Since 1989, Margot Stewart and her adult son Brandon Stewart co-owned, as joint tenants with rights of survivorship, a house in East Hampton, New York (the East Hampton property).
Unfortunately, there is not a clear authority for Jack or anyone else who seeks statutory guidance for calculating the exact amount of a discount for a one-half interest in property held as joint tenants with rights of survivorship. On the other hand, a wide variety of court cases and tax court memoranda provide guidance for valuing tractional interests of property when they are held as tenants-in-common.
Many stock brokerage accounts are registered as joint tenants with rights of survivorship. This title results in the immediate transfer of the account to the surviving joint owner upon the death of the other tenant.
(18) However, the statute does not void the survivorship aspect of a tenants by the entireties or joint tenants with rights of survivorship account that is awarded to the decedent in the divorce, but not retitled prior to death of the account owner.
"All property held JTROS (joint tenants with rights of survivorship) automatically will go to your spouse if you're the first to die."
For example, many stock brokerage accounts are titled as joint tenants with rights of survivorship (JTWROS).

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