In some community property states (notably Texas), it is now permissible for a husband and wife to partition community property to create different forms of ownership. This agreement, which contains words of grant, serves to partition community property interest and create a joint tenancy with right of survivorship as to each partys partitioned interest.
Pennsylvania Agreement to Partition Community Property Creating Joint Tenancy with Right of Survivorship
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How to fill out Agreement To Partition Community Property Creating Joint Tenancy With Right Of Survivorship?
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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.
Equality of ownership is measured by four unities. To establish a joint tenancy, the unities of time, title, interest, and possession must be present.
A joint tenancy creates a right of survivorship, which means that if one party dies, their interest is automatically transferred to the surviving tenant(s). Joint tenancy is different from a tenancy in common, where a deceased tenant's share is passed on to their heirs.
Unity of interest: The interest of each owner is equal. Unity of time: The interest of the owners is acquired at the same time. Unity of possession: The owners have the right of survivorship. Unity of title: The document must specify a joint tenancy vesting.
The four unities can be thought of as four requirements that need to exist simultaneously for a true joint tenancy estate to be created. Those four requirements are interest, time, title, and possession.
To initiate a partition action in Pennsylvania, a co-owner must file a partition complaint at the Court of Common Pleas in the county in which the property is located. The partition complaint will include the names of the co-owners, the property description, the co-owners interest in the property.
For a tenancy in common, the unities required are unity of possession, unity of title, unity of interest and unity of time. For a tenancy by the entirety, the unities required are unity of possession, unity of interest, unity of title, unity of time, and, most importantly, unity of marriage.
Transfer on death, or TOD, accounts are different from JTWROS or tenants in common accounts because the beneficiary has no ownership rights until the original owner dies. TOD accounts do avoid probate, though, as the assets are transferred immediately.