Joint Tenants Or Tenants In Common For Married Couples In Virginia
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Joint tenancy with right of survivorship (JTWROS) This is often considered the best title vesting for most married couples, but it also applies to family members planning to own a property together.
Joint tenancy with right of survivorship (JTWROS) This is often considered the best title vesting for most married couples, but it also applies to family members planning to own a property together.
In Joint Tenancy in Virginia, all owners must control equal shares of the property. This is as opposed to Tenants in Common, where two people may own 50% each, or four people own 25% each, or some other portion of the whole. In Tenancy by the Entirety, each married spouse owns 100% of the property.
Perhaps the most common form of joint tenancy ownership is that of a married couple.
What's the difference between joint tenancy and tenancy by entirety? While tenancy by entirety gives both spouses 100% ownership of the property, joint tenancy provides each party 50% ownership interest.
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.
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.
