Full question:
Could you tell me the difference between and the advantages and disadvantages of Joint Tenants with rights of Surviorship and not as Tenants in common AND Community Property with rights of surviorship AND Community with rights of surviorshop and not as Tenants in common, hereinafter : Grantees', the following lands and property , together with all improvements located thereon, lying in the County of DONA ANA NEW MEXICO, to -wit:
- Category: Real Property
- Subcategory: Joint Tenants
- Date:
- State: New Mexico
Answer:
Joint tenancy and community property are both forms of co-ownership where each owner has an equal, undivided interest in the property. The key differences include:
- Right of survivorship: In joint tenancy, when one owner dies, their share automatically transfers to the surviving owner. In contrast, tenants in common do not have this right; their share goes to their heirs.
- Creditor rights: Community property with rights of survivorship (CPWROS) allows the surviving spouse to inherit the property without probate, but creditors can still reach the deceased’s half of the property.
Joint tenancy is created through a specific act, such as a deed, and can be severed, turning it into a tenancy in common. This means one owner can sell or transfer their interest, which would end the joint tenancy. Joint tenancy is often preferred by spouses because it simplifies the transfer of property upon death.
Tenancy in common allows each owner to have a distinct share, which can be unequal. Each tenant can sell or will their share independently, and there is no automatic transfer to the other owners upon death. Instead, the deceased's share goes to their heirs according to their will or state intestacy laws.
In summary, while both joint tenancy and community property with rights of survivorship facilitate property ownership among multiple parties, they differ significantly in terms of survivorship rights and how property is handled after death.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.