Joint Tenancy Properties
Author: Dennis D. Duffy / Category: Estate Planning, Jointly Owned Property / Posted: 23 Jan 2012Most states allow you to own some kinds of property in joint tenancy, a legal form of ownership that allows more than one person to own the property at the same time. People who own property in joint tenancy may also have a right of survivorship, meaning that when one co-owner dies, the surviving co-owner inherits that person’s ownership interest. There are different kinds of property that can be owned as a joint tenancy, though you should talk to your attorney for state-specific information.
Bank Accounts. Married couples often own a bank account as a joint tenancy. With bank accounts, each account holder has the right to use the account as he or she chooses, meaning both owners can deposit or withdraw money as they choose.
Real Estate. Many people, usually married couples, own their homes as joint tenants. In some states, however, married couples can only own real estate as tenants by the entirety, a form of ownership very similar to joint tenancy but with asset protection qualities.
Safe Deposit Boxes. Like bank accounts, you can own a safe deposit box as a joint tenancy. Like a bank account, both joint tenants have an equal right to use the safe deposit box. However, the property placed within that box is not necessarily held in joint tenancy, meaning that, for example, a spouse cannot use the individually owned property in the box that the other spouse—the owner—placed within it.
Duffy Law Office is a member of the American Academy of Estate Planning Attorneys.
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