Missouri 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
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.
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.
In Missouri, almost any type of property-real or personal-may be held as joint tenancy. It is imperative, however, that the owners include the proper language in the deed, or other ownership documents, to create a joint tenancy.
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.
To truly protect yourself legally, you can put together a cohabitation agreement, which is sort of like a prenup. "Cohabitation agreements usually include how property will be divided in the event of a separation," said attorney David Reischer, CEO of LegalAdvice.com.
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.