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Joint Tenants Or Tenants In Common For Married Couples In King

Q: What is the best deed for a married couple?

For instance, if you&#039;re married, the most common way to title your home is Tenancy by the Entirety (TBE).

Category:

Real Estate - Purchase Agreements

State:

Multi-State

County:

King

Control #:

US-00414BG

Format:

Instant download

Description

Co ownership of real property can be in the following forms:

" Tenancy in common, in which the interest of each owner may be transferred or inherited;

" Joint tenancy, in which the tenants each have a right of survivorship;

" Tenants by the entirety, in which a husband and wife own property and have a right of survivorship; or

" Community property, which applies in some States to property acquired during the period of a marriage.

The phrase joint tenancy refers to a method of ownership by which one person mutually holds legal title to property with other persons in such a way that when one of the joint owners dies his share automatically passes to the surviving joint owners by operation of law.

Traditionally, when two or more people own real property together, they hold it as tenants in common. Owning real property as joint tenants with full rights of survivorship has, in the past, been usually been limited to married couples or other close kinship. However, there is no reason that single unmarried people cannot own property in a joint tenancy arrangement.

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FAQ

For instance, if you're married, the most common way to title your home is Tenancy by the Entirety (TBE).

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.

The Bottom Line Tenancy by the entirety is a legal arrangement where a married couple shares equal ownership of a property, and ownership automatically passes to the survivor if their partner dies. This allows the survivor to avoid probate and protects the home from any claims against the other tenant.

The distinction is that with properties held as joint tenants, both parties own the “whole” of the property. On the death of the first joint tenant, the property will pass automatically to the surviving joint tenant, regardless of the terms of the deceased joint tenant's Will or the intestacy rules.

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!