What is joint tenancy? It’s a kind of joint ownership of property. It’s similar to tenancy in common, however, the distinction is that joint tenancy includes the survivorship.
This implies that upon the death of any of joint renters, their interest in the property or land is passed on to the other joint occupant. The making it through renter owns the rights to the entire estate. Thus, the share can not be handed down to successors when it comes to joint tenancy.
There are 4 conditions that must be met for joint occupancy to exist:
How Can I Terminate a Joint Occupancy?
To end a joint tenancy, one of the 4 conditions need to be destroyed. This can be done by turning over the joint occupancy interests to a third individual. You can attain this by gifting or offering your interest. Upon termination, the 3rd person and remaining co-tenants form an occupancy in typical. A joint tenant can move their interest separately, and do they can do so without the approval or knowledge of their con-tenants.
If you are seeking to terminate a joint tenancy, while still maintaining interest in the property, there are a couple of options:
u2022 You and the co-tenants might accept convert the initial joint occupancy arrangement into occupancy in common.
The Advantage of Ending a Joint Tenancy
The benefit of terminating a joint occupancy and going with an occupancy in typical is that, obviously, when you die your heirs will acquire your share of the property. This step ensures that your successors get their reasonable share, instead of your co-tenants inheriting your share of the property.
Will I Need a Lawyer?
A property lawyer can assist you with the procedure to guarantee your interest stays safeguarded. They can assist you decide which approach would be most proper for you in ending a joint tenancy. A probate attorney can assist in creating a trust or will to ensure your property interests reach your recipients.