Joint Tenants Without Right Of Survivorship In Philadelphia
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FAQ
Joint tenancy with right of survivorship means that the last surviving owner (or tenant) will own the property automatically on the death of oth- er owners. For example, James, Megan and Donald own land jointly with right of survivorship. James dies. Megan and Donald then each own half of the property.
Yes. Generally, the right of survivorship will take precedence over a Last Will and Testament if the jointly-owned property is distributed wrongfully in someone's estate plans. Therefore, you shouldn't list any property in your Will that you and another person(s) jointly own with the right of survivorship.
Risks And Dangers of Joint Tenancy With Right of Survivorship. There are drawbacks to a JTWROS arrangement, including inflexibility. “If one co-owner wishes to sell their share, it may dissolve the arrangement,” Shirshikov says. “Additionally, creditors of one owner can pursue the property, impacting all co-owners.
Pennsylvania law provides that an individual's creditors cannot pursue assets jointly owned by that individual and their spouse as tenants by the entireties.
To sum up: Joint tenants must receive their property interest simultaneously and from the same source with an equal share and equal rights to possess the entire property. By contrast, tenants in common can receive their interest at different times and from disparate legal sources and don't have to possess equal shares.
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!
Pennsylvania law provides that an individual's creditors cannot pursue assets jointly owned by that individual and their spouse as tenants by the entireties.
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.
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.
