Michigan 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
For married couples, the best title option is typically 'joint tenancy with rights of survivorship.' This approach ensures that upon the death of one spouse, the other automatically receives full ownership of the property without going through probate. However, it is essential to consult with a legal expert to tailor this to your specific situation, as part of your overall estate planning.
There are disadvantages, primarily tax disadvantages, to either type of joint tenancy for estate planning. You might incur gift taxes when creating joint title to property. If the other owner is your spouse, there is no problem because unlimited tax free gifts can be made between spouses.
Joint tenancy is a legal term for an arrangement that defines the ownership interests and rights among two or more co-owners of real property. In a joint tenancy, two or more people own property together, each with equal rights and responsibilities.
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 primary advantage of joint tenancy is it allows you to avoid probate of the property. Upon a joint tenant's death, the surviving joint tenant immediately owns the entire interest in the property and this takes place without any probate process.
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.
Notwithstanding the presumptions above, Michigan law also permits the creation of a joint tenancy. There are two basic forms of joint tenancy: (i) a joint tenancy; and (ii) a joint tenancy with a full right of survivorship.
