Tenants In Common Vs Joint Tenants Vs Tenants By The Entirety In Miami-Dade
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FAQ
Joint tenancy is most common among married couples because it helps property owners avoid probate. Without joint tenancy, a spouse would have to wait for their partner's Last Will to go through a legal review process—which can take months or even years.
JTWROS ownership comprises separate concepts of “joint ownership” and “survivorship. Under Florida law, there must be at least two co-owners of joint tenants with right of survivorship property. There may be more than two owners, but there must be at least two owners who jointly share title.
In Florida, the most common ways in which to hold title to residential real property are Sole Ownership, Tenants in Common, Joint Tenancy with the right of survivorship and Tenancy by the Entireties.
Tenancy by the entirety in Florida is a unique and advantageous way for married couples to jointly own property. It provides creditor protection, the right of survivorship and requires mutual consent for property-related decisions.
Typically, when married couples are listed under the real estate title as “husband and wife” a tenancy by the entireties is presumed. At the death of one spouse, the real estate interest passes automatically to the surviving spouse by operation of law similarly to the joint tenancy with right of survivorship.
Joint tenancy should be used with extreme caution. It can subject a co- owner to unnecessary taxes and liabili- ty for the other co-owner's debts. It can also deprive heirs of bequeathed prop- erty and, in California, leave the joint tenant without right of survivorship.
TBE property can only exist between a husband and wife, and, as opposed to JTWROS property, spouses holding TBE property are treated legally as one person in Florida.
Joint tenancy is most common among married couples because it helps property owners avoid probate. Without joint tenancy, a spouse would have to wait for their partner's Last Will to go through a legal review process—which can take months or even years.
Real estate titled in the sole name of the decedent, or the decedent's name and another person as tenants in common, is a probate asset (unless it is homestead property). Real estate titled in the name of the decedent and one or more other persons as joint tenants with rights of survivorship is not a probate asset.
