Utah Deed (Including Acceptance of Community Property with Right of Survivorship)
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FAQ
In Utah, you can own property as joint tenants with the right of survivorship. Property owned in joint tenancy automatically passes to the surviving owners when one owner dies. No probate is necessary.
Tenants in common, like joint tenants, are co-owners who have the right to use and occupy the entire property. However, different from joint tenants, tenants in common can hold different ownership shares in the real property.
There are two types of tenancies that possess the right of survivorship: joint tenancy and tenancy by the entirety.
Joint tenancy has right of survivorship Joint tenants own equal shares of the property and each one has the right to possess the property. When a joint tenant dies, the other joint tenants automatically inherit the property.
The right of survivorship is associated with: Tendency by the entireties and joint tenancy. A joint tenancy would be changed to a tenancy in common by: One of two tenants selling his interest to a third person.
Retained Control ? A Utah property owner that makes a TOD deed retains complete control over the property during his or her lifetime. The owner can revoke the deed, name different beneficiaries, or sell, mortgage, or convey the property, all without the consent or even knowledge of the designated beneficiaries.
Joint tenancy is a form of joint ownership of real property with two or more owners called ?joint tenants.? The joint tenants have an undivided interest in the real property and the right of survivorship.
Co-tenancy or joint tenancy is a concept in property law that is used to describe the various ways that a piece of property can be owned by two or more people at the same time. A JTWROS is one version of co-tenancy that gives co-owners equal rights to the asset in addition to the right of survivorship.