a crucial relationship in the ownership of real property, which provides that each
party owns an undivided interest in the entire parcel, with both having the right
to use all of it and the right of survivorship, which means that upon the death
of one joint tenant, the other has title to it all. Procedurally, on the death of
one joint tenant, title in the survivor is completed by recording an "affidavit
of death of joint tenant," describing the property and the deceased tenant, with
a death certificate attached, all of which is sworn to by the surviving joint tenant.
This process avoids probate of the property, but may have some tax consequences
which should be explored with an accountant at the time of recording the original
deed. If the owners do not want full title to the property to pass to the survivor,
then joint tenancy should not be used. Joint tenancy (as well as any other common
ownership) between a parent and a minor child should be avoided since the property
cannot be transferred in the future without the parent becoming appointed a guardian
of the child's estate by court order, and the property and the proceeds therefrom
will be under court control until the child is 18. In community property states,
some courts have found that joint tenancy presumes that the property is not community
property (which could result in loss of estate tax limitation on the death of the
first spouse to die), but proof of community interests can be established. A bank
account held in joint tenancy also presumes a right of survivorship, but this presumption
can be overcome by evidence that the account was really the property of only one,
and the joint tenancy was for convenience.
See also community property tenancy in common title
law dictionary, legal
dictionary, online law dictionary, legal terms dictionary,
online legal dictionary, legal definition, legal
terms and definition, Best online Dictionary, Law
Dictionary Software, Download Law Dictionary, law
dictionary, legal dictionary, online law dictionary,
legal terms dictionary, online legal dictionary,
legal definition, legal terms and definition, Best
online Dictionary, Law Dictionary Software, Download
Law Dictionary
