Joint Tenants Or Tenants In Common? Why The Distinction Matters When It Comes To Probate
When two people hold title to real property as joint tenants with right of survivorship, that means that when one owner dies, the other automatically receives full ownership of the property. The property does not pass through the probate estate of the deceased joint tenant first. In other words, if Steven and Kelly own a house as joint tenants with right of survivorship, when Steven dies, Kelly becomes the sole owner without having to go through Steven’s probate estate.
If for any reason a joint tenancy is legally severed beforehand, then the owners may continue to own the property as tenants in common. A tenancy in common carries no survivorship rights. This means that when one owner dies, their share of the property may pass under their probate estate just like any other asset owned in their sole name.
Speak with a Florida Probate Litigation Lawyer Today
Many estate disputes center on whether a particular piece of property should be classified as a probate or non-probate asset. If you are involved in such a dispute and need legal advice from an experienced Pompano Beach estate and trust litigation attorney, contact the offices of Mark R. Manceri, P.A., today to schedule a consultation.