Joint Tenants Without Right Of Survivorship In Massachusetts
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FAQ
In most cases, if an individual forming part of a joint account dies, the surviving account holder will gain full access to the funds and continue to be able to operate the account. The funds do not form part of the deceased estate.
With a joint account with right of survivorship, the asset immediately becomes property of the survivor when one of the people dies. This avoids the requirement for probate for these assets and makes the funds immediately available to the survivor, rather than waiting until the estate is settled.
Instead, the deceased party's share of the account becomes part of their estate and would be subject to probate. Once the probate process is complete, the deceased member's share of the multi-party bank account would then pass to their designated beneficiaries.
In Massachusetts, a tenancy by the entirety also has a right of survivorship, but this form of joint ownership is only permitted for married couples. It is treated quite similarly to a joint tenancy with a right of survivorship. If your spouse dies, your interest automatically transfers to you.
Joint Tenancy is for situations where there is more than one equal owner. The interests must be equal, occurring under the same conveyance, and beginning at the same time. When one owner dies, their ownership interest goes by operation of law (automatically) to the surviving owner(s).
Joint Tenants – When one joint tenant dies, the surviving joint tenant automatically owns the entire property. This is said to be a “right of survivorship.” A deed to two or more people must specify that they hold the property “as joint tenants” to create a joint tenancy.
Both tenants should separately write a letter asking for the tenant to be removed from the joint tenancy. Each letter should include: The property address. The name of the tenant to be removed.
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.
