Joint Tenancy

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Joint Tenancy

Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.

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."
Copyright © 2008 H&R Block. All Rights Reserved. Reproduced with permission from H&R Block Glossary
References in periodicals archive ?
Early Massachusetts case law held that a tenancy by the entirety was distinct from a joint tenancy, because of the unity of husband and wife as one legal person.
This section outlines the basic devices of tenancy in common and joint tenancy. However, the applicability of these devices may vary by state.
Joint TenancyIn a joint tenancy, two or more people own equal, undivided interests in the property.
A spokesperson said: "Where a joint tenancy exists and notice to quit is issued by one party, the tenancy in its entirety comes to an end.
Conversely, in a joint tenancy with right of survivorship, each person has only his or her separate share ("per my") presumed to be equal for purposes of alienation, but for purposes of survivorship, each joint tenant owns the whole, so that upon death, the remainder of the estate passes to the survivor.
This is a form of joint tenancy that can only exist between husband and wife.
Dorothy's transfer of funds from the sale of her home into three accounts held in joint tenancy with Thomas violated the contract embedded in her mutual will with Robert.
The situation gets muddy in that there are California cases holding that property held in joint tenancy may be "joint tenancy for convenience only" and really community property.
Where the property is owned in joint tenancy with right of survivorship, each joint tenant has an undivided interest in the entire property.
Jane Bell, 26, who has joint tenancy of the pub with her sister Victoria, said: "It was always a good pub and we never had any trouble when we ran it before.
Starr Trust, 8.6 million shares; Greenberg Foundation, 989,308 shares; Greenberg Joint Tenancy Co., 25.3 million shares; and the Universal Foundation, 2.1 million shares.
Let's take a look at what Jack might have to face in his quickfix planning effort and the creation of a joint tenancy with his daughter.

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