What Does "Joint Tenancy" Mean?
Holding Real Estate as Joint Tenants
There are a multiple different ways to hold title to real estate. If you hold title to a parcel of property as joint tenants, when one joint owner dies the surviving owner receives the full interest in the real estate upon filing an affidavit of survivorship along with a death certificate with the county recorders’ office or registrar of titles as the case may be.
Establishing title to the property with a co-owner as joint tenants avoids the necessity of establishing a probate to pass the property to the deceased individual’s beneficiaries. Many times it is advantageous to hold title to property as joint tenants with your spouse if you are married or if you intend that the co-owner receive the property upon your death.
"Joint tenancy avoids the necessity of probate to pass the property to the joint title holder"
However, as there exist legal consequences to how you hold title to real estate, such as inadvertently circumventing the provisions of your will and estate plan, it is important to contact an attorney to fully discuss your options and your intended goals.