Joint Tenancy

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Joint Tenancy

1. See: Joint tenants with right of survivorship.

2. See: Joint tenants in common.
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
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As with the funds at issue in Medley, the funds in De Soto were still in the possession or under the direction of the withdrawing joint tenant.
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The proposed regulations also clarify that a surviving joint tenant cannot disclaim any portion of the account attributable to that survivor's contribution to the account.
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Bank accounts are an exception to these rules since the creator of a joint account can usually withdraw all of the funds from the account without permission of the other joint tenant. For example, if John put $5,000 into a bank account and listed himself and his daughter Joan as joint tenants, no gift occurs upon the creation of the account.
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Unlike in joint tenancies, where each joint tenant must own an equal share in the property, tenants in common may own any percentage of the property.
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* Each joint tenant is "jointly and severally liable" for the mortgage and other property-related debts.
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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.
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This may cause creditors and governmental agencies to pursue the beneficiaries or surviving joint tenants in an effort to collect on the amounts owed.
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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).
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One solution to this dilemma has been for couples to take title as joint tenants with right of survivorship, but then have an acknowledgment--usually inside a trust or will--stating their intention that the property remain a community" asset, regardless of the form of title.
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For nonspousal joint tenancies, the entire value of the property is included in the estate of the first joint tenant to die unless the decedent's estate can prove that the survivor provided some consideration for his interest.(11) The following example illustrates a probate avoidance technique that seems to be occurring quite frequently.
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