Owning property jointly with the right of survivorship is a way of ensuring that property will pass to the other joint owner on one joint owner’s death. Real property and personal property can be put into this form of ownership.
Joint ownership or joint tenancy is a form of co-ownership where the property is owned by two or more persons at the same time in equal shares. Each joint owner has an undivided right to possess the whole property and a proportionate right of equal ownership interest. When one joint tenant dies, his/her interest automatically passes on to the surviving joint tenant(s). Words such as “John and Jane, as joint tenants with right of survivorship” establish title in joint tenancy.
Young & Young Attorneys has extensive experience in joint ownership and can help you create an arrangement that is right for you.