Jointly Owned Property


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Related to Jointly Owned Property: Joint Tenants with Rights of Survivorship

Joint Ownership

A situation in which two or more persons co-own a property. In other words, if two or more persons jointly own a property 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 jointly own their house, for example. Likewise, two business partners may jointly own 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. However, 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.

Jointly Owned Property

Property held in the name of more than one person.
References in periodicals archive ?
Media: Billboards and Advertising in Community Developments and Jointly Owned Property
The JOP Law requires that the developer of each development must file a jointly owned property declaration (JOPD) at the Dubai Land Department.
Asteco will continue to work closely with RERA, Owners and Developers in achieving their goals and complying with the Dubai Jointly Owned Property Law, Regulations and Directions.
2) The unlimited marital deduction allows jointly owned property to pass to a surviving spouse free of the federal estate tax.
A KEY VALUATION REMINDER FOR JOINTLY OWNED PROPERTY INTERESTS
This applies to jointly owned property, too, even after the debtor has been discharged.
Financial planners often inform clients that jointly owned property will pass free from probate.
Special proration rules apply in the case of jointly owned property, condominiums, and tenant-stockholders in cooperative housing corporations.
Despite the inability to separate the husband's interest from that of the wife's interest in jointly owned property, the Craft court noted that property ownership has been defined as a "bundle of sticks," and includes both present and future interests.
2040, a decedent's estate included 100% of jointly owned property, unless the survivor could prove contribution.
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.
Your will can include real estate, jewelry, cash, and stocks, but cannot dispose of nonprobate assets, such as jointly owned property, life insurance with a named beneficiary, or any asset or financial account that will automatically pass to a named beneficiary.