Under rights of survivorship
, the surviving co-owner automatically inherits full ownership of the property; whereas as tenants in common, each owner retains the right to name a different inheritor in his or her will.
Under this form of joint tenancy each co-owner has a fractional, divisible interest in the property (i.e., it is the opposite of joint tenancy with rights of survivorship
* The decedent's fractional interest in property held by the decedent in joint tenancy with rights of survivorship
with a nonspouse;
In general, property is owned outright, as tenants in common, as joint tenants with rights of survivorship
, or as community property (in some states, such as California, including community property with right of survivorship).
rights of survivorship
, but not of current possession.
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.
In all cases, clients should be advised to establish a joint deposit account (A and/or B as account holders) with rights of survivorship
. Under Florida law, funds held in such accounts pass directly to the surviving accountholder upon the death of any accountholder, without probate.
Experts often recommend that unmarried partners own a home or other property as joint tenants with rights of survivorship
, though this can be a problem if they don't have a long-term commitment.
The three common forms of joint tenancies are: tenancy in common, joint with rights of survivorship
and tenancies by the entirety.
The most important step is to not rely on a regular will--which still exposes them to probate--or a rights of survivorship
deed, which simply delays probate until the surviving spouse dies.
If the client is buying the property with co-investors other than a spouse, it will be necessary to work out whether it's being held with rights of survivorship
-- in which the remaining co-owners automatically inherit the decedent's share -- or as tenants in common, meaning the decedent names who inherits his or her share of the property.
(3) Unless passed by joint tenancy with rights of survivorship
or beneficiary designation, these assets will likely be distributed through the probate process under the state intestacy statutes.