Tenants In Common Vs Joint Tenancy With Right Of Survivorship In Arizona
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FAQ
Further tenancy in common allows parties to hold unequal shares of property interest. Joint tenancy requires each co-owner to hold equal shares of property. Further, co-owners must transfer the deed at the same time. In this sense, joint tenancy is rigid compared to tenancy in common.
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.
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.
For instance, if you're married, the most common way to title your home is Tenancy by the Entirety (TBE).
Joint tenants (JT), or joint tenants with rights of survivorship (JTWROS), are the forms of ownership most commonly used by married couples.
Further tenancy in common allows parties to hold unequal shares of property interest. Joint tenancy requires each co-owner to hold equal shares of property. Further, co-owners must transfer the deed at the same time. In this sense, joint tenancy is rigid compared to tenancy in common.
Utilizing a revocable trust is the best way for a married couple to take title. Titling property in your trust avoids probate upon the death of both the initial and surviving spouses and preserves the capital gains step up for the entire property on the first death.
In Arizona, tenancy in common is the default classification for married couples seeking joint ownership. The property can be divided evenly, or the owners can control differing shares if needs be (e.g. two business partners own 25% each, and the third owns 50%).
