tenancy by the entirety


Also found in: Dictionary, Legal, Acronyms, Encyclopedia.
Related to tenancy by the entirety: Joint tenancy, tenancy in common

Tenancy by the Entirety

The joint ownership of a property with rights of survivorship. In other words, a property with tenancy by the entirety does not become part of a decedent's estate; rather, the other tenants continue to own the property. Couples may be tenants by entirety on a jointly-owned house, for example. Likewise, two business partners may be tenants by entirety 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 this property and may be used to pay off creditors, even if the creditor had nothing to do with the property in question.

tenancy by the entirety

A type of asset ownership limited to married couples in which each spouse holds an equal share of the asset but neither may sell or give away an interest without the other's permission. If one spouse dies, the deceased's share automatically passes to the surviving spouse. Compare tenancy in common.
References in periodicals archive ?
(70) When the legislature granted property rights to married women statutorily, it destroyed the common-law concept of unity between husband and wife and thus destroyed the tenancy by the entirety. (71) The Alabama Supreme Court did not interpret the state's Married Women's Property Act as removing all common-law disabilities related to marriage, but rather only that the husband and wife could take separate moieties.
Orth, Tenancy by the Entirety: The Strange Career of the
effect of unilateral transfers on tenancy by the entirety in various
Since jointly owned property with right of survivorship (or tenancy by the entirety) is generally not considered part of the decedent's probate estate, many people have the erroneous notion that the value of such property is not includable in the decedent's gross estate for Federal estate tax purposes.
Twenty-five states, including the District of Columbia, currently recognize the tenancy by the entirety as a form of ownership.[1] This note, though, focuses on possible solutions to the problems created when Florida's tenancy by the entirety doctrine meets the current Bankruptcy Code.
Thus, at least in part, the asset protection component of an IEP involves reorganizing how property is held so that it is less vulnerable to threat than it otherwise would be (e.g., converting joint tenancy property to a tenancy by the entirety or placing property in trust for the benefit of third parties or the settlor).
Previously, a surviving joint tenant could disclaim an interest in a joint tenancy with right of survivorship or a tenancy by the entirety only if the tenancy was severable under local law.
Joint tenancy (and tenancy by the entirety) typically involves rights of survivorship, while tenancy in common does not.
25.2518-2(c)(4), to be a qualified disclaimer, a surviving joint tenant's disclaimer of both an interest passing to the joint tenant on the creation of the tenancy, and the survivorship interest in the joint tenancy or tenancy by the entirety, must be made within nine months after the transfer creating the tenancy.
* Transfers made to either a surviving joint tenant (under a joint tenancy) or to a surviving spouse (under a tenancy by the entirety).
* Tenancy by the entirety interest had to be disclaimed within nine months of creation of interest, not at first tenant's death.
* Estate taxes may not be apportioned to Virginia tenancies by the entirety In Reno,(73) at his death, the decedent left a probate estate of approximately $650,000 in the state of Kentucky and a personal residence and various checking accounts held with his wife in tenancy by the entirety in Virginia.