Tenants In Common Vs Joint Tenancy For Married Couples In Massachusetts
Description
Form popularity
FAQ
Joint Tenancy Definition Common Use: This form of ownership is popular among married couples or family members, as it ensures that the property passes to the surviving owner(s) without the need for probate. Legal Implications: In Joint Tenancy, each owner has an undivided interest in the entire property.
Joint tenancy with right of survivorship (JTWROS) This is often a common vesting for married couples, but it also applies to family members planning to own a property together.
Joint Tenants are similar to tenants in common, in that multiple individuals hold title to the property, however, with joint tenancy, there is a right of survivorship. This means that if one owner passes away, their share automatically passes to the remaining owner(s).
Technically, the traditional way for a married couple with the same last name is ``Mr. and Mrs. John Doe,'' which also turns my inner feminist tomato red, but a lot of the other options (married, different last names, for example) use the ``Mr. John Doe and Mrs. Jane Day'' format. :)
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). That endows survivorship rights, some creditor protection, and allows for transfers only with the consent of both spouses.
Joint tenancy should be used with extreme caution. It can subject a co- owner to unnecessary taxes and liabili- ty for the other co-owner's debts. It can also deprive heirs of bequeathed prop- erty and, in California, leave the joint tenant without right of survivorship.
Tenancy by the entirety refers to a form of shared property ownership that is usually reserved only for married couples. A tenancy by the entirety permits spouses to jointly own property as a single legal entity. This means that each spouse has an equal and undivided interest in the property.
For instance, if you're married, the most common way to title your home is Tenancy by the Entirety (TBE).
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!
