Illinois Agreement between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship
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How to fill out Agreement Between Unmarried Individuals To Purchase And Hold Residence As Joint Tenants With Right Of Survivorship?
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FAQ
In Illinois, the right of survivorship does supersede a will. When a co-tenant dies, their ownership interest transfers directly to the surviving tenant without going through probate. Therefore, any provisions in a will that contradict this will be ineffective. It's essential to be aware of this when drafting your estate plan to ensure your wishes are honored.
A joint survivorship agreement is one in which spouses may agree between themselves that all or part of their property, then existing or to be acquired, becomes the property of the surviving spouse on the death of a spouse.
The term "joint tenancy" refers to a legal arrangement in which two or more people own a property together, each with equal rights and obligations. Joint tenancies can be created by married and non-married couples, friends, relatives, and business associates.
The final form of holding title under Illinois law is a hybrid of joint tenancy that is reserved only to married couples and provides extra protection to marital property. The form requires the four unities of joint possession plus a fifth: marriage, must be present to hold title in this manner.
In general, joint assets are held in joint tenancy (with right of survivorship) or tenancy in common. A joint tenancy (with right of survivorship) is a form of ownership by 2 or more persons in which each person owns the whole asset. Real property held in joint tenancy is usually identified as such on the deed.
In Illinois, the joint tenancy relationship can be dissolved at any time upon the conveyance of a joint tenants interest to himself or any other person regardless of the consent of the co-owners. The joint tenancy of any other co-owners, however, remains unaffected.