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:
If one individual transfers their interest in the property to a revocable trust, it will terminate the joint tenancy with right of survivorship (JTROS) status. This transfer will result in the property being owned as tenants in common.
One possible solution is for the individual to convey their interest into the trust while ensuring that the trust and the remaining individual can still hold the property as joint tenants with full rights of survivorship. This can be done by wording the deed of conveyance appropriately. For example, the deed could state:
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
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