Differences In Between Joint Tenancies

Posted by

In Indiana, joint tenants can own real estate collectively as occupants in typical or as joint tenants with right of survivorship. Homeowners can also own specific personal effects collectively as occupants in typical or as joint renters with right of survivorship. Two individuals can own their bank account jointly as joint renters with survivorship rights or as renters in typical.

According to the Indiana Code, there is a legal presumption that married spouses own personal property together as joint occupants with survivorship rights, unless specifically specified. However, for unmarried individuals, the Indiana Code presumes they own their property as occupants in typical and not as joint occupants with survivorship rights. To conquer the presumption, wed partners must specifically state their intent in writing that they prefer to hold their property as tenants in typical without right of survivorship. Single partners need to specify they prefer to hold their property together as joint occupants with right of survivorship and not as renters in common to get rid of the legal anticipation set forth in the Indiana Code.
It is crucial to point out that the legal anticipations might not extend to bank accounts. Because of the Indiana Code’s anticipation, when two or more individuals own personal effects collectively– other than checking account– they should specifically include words to the effect of “without right of survivorship” or “as occupants in common without survivorship rights” in their individual property certificate of title to show their intent to get rid of the presumption.