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The difference in "joint Tenant" and "Joint tenant with right of survivorship"

The difference in "joint Tenant" and "Joint tenant with right of survivorship"

Full question:

The difference in "joint Tenant" and "Joint tenant with right of survivorship"

Category: Real Property
Subcategory: Joint Tenants
Date: 04/07/2025
State: New York

Answer:

It is possible to be a joint tenant and not have rights of survivorship or have them. If you have rights of survivorship then when your co-tenant dies the property goes to the surviving joint tenant outside of the estate of the co-tenant.

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.

FAQs

What are the pros and cons of joint tenancy?

The pros of joint tenancy include the right of survivorship, which allows the surviving tenant to inherit the deceased tenant's share without going through probate. This can simplify estate management. However, the cons include potential exposure to creditors, as a creditor can claim the entire property if one tenant has debts. Additionally, all tenants must agree on decisions regarding the property, which can lead to conflicts.

What are the disadvantages of joint tenancy with right of survivorship?

Disadvantages of joint tenancy with right of survivorship include the lack of control over property transfer upon death, as it automatically passes to the surviving tenant. This can conflict with estate plans, such as wills. Additionally, if one tenant incurs debt, creditors may claim the property, affecting all tenants. Lastly, joint tenancy may not be suitable for all relationships due to potential disputes.

Why avoid joint ownership?

Avoiding joint ownership can be wise due to potential conflicts among co-owners regarding property decisions. It also exposes all owners to liability for debts incurred by any one owner. Furthermore, joint ownership can complicate estate planning, as the property may not pass according to an individual's wishes upon death. These factors can lead to legal disputes and financial complications.

What are the disadvantages of the right of survivorship?

The right of survivorship can limit an individual's control over how their share of the property is distributed after death, as it automatically transfers to the surviving co-owner. This can override a will's provisions. Additionally, it may lead to unintended consequences, such as disinheriting heirs if the surviving co-owner is not a family member. It can also create complications if the surviving owner wishes to sell the property.

Is joint tenant the same as joint tenants with right of survivorship?

No, a joint tenant may or may not have the right of survivorship. Joint tenants with right of survivorship automatically pass their share of the property to the surviving tenant upon death, bypassing probate. In contrast, a joint tenant without this right would have their share go through their estate, which may lead to different outcomes regarding property distribution.

Does joint tenancy with right of survivorship override a will?

Yes, joint tenancy with right of survivorship typically overrides a will. When a joint tenant dies, their share of the property automatically transfers to the surviving joint tenant, regardless of what the will states. This can create conflicts if the deceased intended for the property to go to someone else, highlighting the importance of clear estate planning.