North Carolina Joint Tenants With Right Of Survivorship
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FAQ
Joint tenancy in North Carolina at one time required an equal ownership among co-owners; however, an unequal ownership is now permitted.
The surviving spouse automatically becomes the sole owner of property held as tenancy by the entirety, and is not disposed of by a will or otherwise disposed of by the intestate succession statute if there is no will.
North Carolina recognizes joint tenancy with right of survivorship as a common form of joint ownership for non-spouses.
Entireties property can exist only between spouses and is recognized in North Carolina only in real property (real estate). In addition to the automatic, implicit right of survivorship feature, each spouse's interest in entireties property is protected from the creditors of the other spouse.
Disadvantages of joint tenants with right of survivorship JTWROS accounts involving real estate may require all owners to consent to selling the property. Frozen bank accounts. In some cases, the probate court can freeze bank accounts until the estate is settled.