Full question:
Currently, 2 individuals hold title in a piece of property as joint tenants with right of survivorship. One of the individuals wants to put their interest into a revocable trust. Can the trust and the remaining individual hold title as joint tenants with right of survivorship? If not, would the 2 entities have to hold title as tenants in common?
- Category: Trusts
- Date:
- State: Arizona
Answer:
Transfer by one of the individuals of his/her interest in the property to a
trust would destroy the joint tenants with rights of survivorship (JTROS)
status and make cause the ownership to be held as tenants in common.
One solution may be as follows. John Doe and Mary Smith own the property
as JTROS. Mary wants to convey her interest into a revocable trust with the
trust and John to own the property as JTROS. The conveyance could be
made by language such as the following in the deed of conveyance:
John Doe and Mary Smith do hereby convey to John Doe and Tom Jones,
as Trustee of the Mary Smith Revocable Trust, the following described
property as joint tenants with full rights of survivorship and not as tenants in
common: Description of Property
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.
