Purchasing property with someone else raises a lot of complex questions about management and ownership responsibilities. Joint tenancy with right of survivorship is one term that you may come across in the process of purchasing property.
Joint tenants referred to two or more individuals who own property together, and there must be four requirement factors met to allow people to hold title in this way. These are known as unity of possession, unity of interest, unity of title, and unity of time.
Unity of possession means that each tenant would have a right to possess and enjoy that property, even though they do not own a full 100% ownership interest. Unity of interest means that each owner or tenant has equal interest in the property. Unity of title requires that both or all parties take title through the same instruments, such as a will or a deed. Finally, unity of time requires that they take possession of the property at the same time.
Joint tenants are eligible to transfer or sell their shares to third parties without the approval of other owners. Joint tenants with right of survivorship means that the owners will automatically inherit the other share if that other person passes away. This is a common estate planning strategy that can be used in conjunction with other tools. Set aside time to speak with an experienced estate planning lawyer to decide if joint tenants with right of survivorship is appropriate for your personal planning needs.
For alternative ownership arrangements, such as when you alone are listed on the deed of a home or when you hold title to other property, you’ll want the help of an experienced attorney to incorporate these aspects into your estate plan.
Our Pasadena area estate planning lawyers guide you through the process of getting the help that you need for creating your estate planning strategies.