What Is Joint Tenancy?

Joint Tenancy is an undivided interest in a property that is taken on by two or more joint tenants. The interest in said property has to be equal, accruing under the same conveyance and has to start at the same time. If one of the tenants should die, the interest passes on to the surviving joint tenants rather than the heirs of the deceased. This type of ownership is usually used by couples who want the surviving partner to receive ownership of the deceased’s share of the property.

Some states do have statutory provisions which make joint tenancies void upon the death of one joint tenant unless the joint owners have an agreement in writing stating otherwise. Other states have completely abolished the recognition of joint tenancy all together and treat all occurrences of joint tenancy as tenancy in common. It is very important to know your states laws and recognitions of joint tenancy before entering into said agreement so you know what to expect regarding ownership rights of both joint tenants and tenants in common and plan your affairs accordingly.