Joint Tenants With Survivorship Vs Tenants In Common In Chicago
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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.
Tenancy in common allows multiple owners to own title in a property, but rather than owning equally, the owners can set varying ownership percentages. For example, one owner could own 51% of the property, with the other owning 49%.
Finally, in my state of Illinois, unmarried couples can hold title as Tenants in Common or Joint Tenants BUT once they get married, they qualify to take title as Tenants by the Entirety, which they would do by signing and recording a new deed.
Joint Tenants in Illinois In particular, joint tenancies with right of survivorship involve all parties having equal ownership and the right to assume another owner's interest in the event the other owner dies.
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.
For example, when one of 2 owners of an asset held in joint tenancy dies, the surviving owner becomes the sole owner of the asset. A tenancy in common is a form of ownership by 2 or more persons in which each person owns an interest in an asset that is less than the entire value of the asset.
Tenants in common gives you more protections and you can specify in a deed of trust what you would want to happen in the event of relationship breakdown (eg if one of you has first dibs to buy the other out, or a time limit on doing so etc) which is definitely better to decide now whilst you still like each other!
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.
