Tenants In Common Vs Joint Tenants With Right Of Survivorship In Georgia
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The right of survivorship is a legal principle that allows property to pass automatically to a surviving co-owner upon the death of another. Unlike other forms of joint ownership, such as tenancy in common, the right of survivorship ensures a seamless transfer of ownership without the need for probate.
Joint tenants also own an undivided interest in property. The main difference between joint tenants and tenants-in-common is that, upon the death of a joint tenant, that co-owner's interests are extinguished and the surviving co-owner(s) receive the property.
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.
Georgia Survivorship Deed A property owner who creates a survivorship deed for an estate plan typically quitclaims the property to the owner and another person who the owner wants to ultimately own the property—such as the owner's spouse or child.
Unlike Joint Tenancy with Rights of Survivorship, there is no right of survivorship in Tenancy in Common. If one owner dies, their share of the property is passed to their heirs through their Will or through the Georgia laws of intestacy, rather than automatically transferring to the surviving owner(s).
In joint tenancy, the deed of trust establishes equal rights for all co-owners and includes a right of survivorship. On the other hand, in tenancy in common, the deed of trust clarifies that each co-owner has separate shares of the property with no right of survivorship.
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 tenants have equal property ownership, share profits and liabilities, and often have a right of survivorship. Tenants in common can have unequal shares, lack a right of survivorship, and can pass their share to chosen beneficiaries.
Jointly owned real estate goes automatically to your husband/wife. It is possible for jointly held property to go automatically to a spouse in Georgia.
A spouse but no children, your spouse will inherit your entire estate. Children but no spouse, your children will split everything equally. This includes biological and adopted children. Both a spouse and one child, they will divide the estate equally.
