Wisconsin Certificate of Termination of Joint Tenancy or Life Estate (867.04) is a document used to terminate a joint tenancy or life estate in Wisconsin. It is used when the joint tenants or life tenants (i.e. a person with a life estate) wish to terminate their rights in the property and transfer their interest to another party. It must be signed by all joint tenants or life tenants in order for it to be effective. The document is then filed with the circuit court of the county in which the property is located. There are two types of Wisconsin Certificate of Termination of Joint Tenancy or Life Estate (867.04): a Joint Tenancy Certificate and a Life Estate Certificate. The Joint Tenancy Certificate is used to terminate a joint tenancy; while the Life Estate Certificate is used to terminate a life estate.
Wisconsin Certificate of Termination of Joint Tenancy or Life Estate (867.04)
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FAQ
Where it is held as joint tenants, on the death of one of the owners, the property becomes owned by the other joint owner. For example, Joe owns a property as a joint tenant with his dad, Stan. When Stan dies, the property automatically passes to Joe as sole owner.
If an owner in a joint tenancy is allowed to sell his interest in the property, the property would revert to a tenancy in common. Generally speaking, you cannot sever a joint tenancy with your spouse unless you get a divorce.
On the death of one of 2 joint tenants, the survivor becomes the sole owner; on the death of one of 3 or more joint tenants, the survivors are joint tenants of the entire interest.
Tenancy in common occurs when title to an asset is held in the name of two or more individuals as ?tenants in common?. In Wisconsin, tenancy in common is the default ownership characterization when the instrument of title is silent on the issue and when property is held jointly between non-married individuals.
Under Wisconsin Law, it is assumed that co-owners of a property own as tenants in common, unless the intention of creating a joint tenancy is expressed in the document of title, instrument of transfer or bill of sale.