Joint Tenancy

Joint tenancy is a form of ownership by two or more individuals together.  It differs from other types of co-ownership in that the surviving joint tenant immediately becomes the owner of the whole property upon the death of the other joint tenant.  This is called a “right of survivorship.”  Joint ownership has rather rigid legal limitations and consequences that are sometimes not intended.

 

A joint tenancy between a husband and wife is generally known as a tenancy by the entirety.  Tenancy by the entirety has some characteristics different that other joint tenancies, such as the inability of one joint tenant to server the ownership and differences in tax treatment.