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Legal Aid

Joint Tenancy Law

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In estate law, joint tenancy appears to be a special type of right by two or more people on the same property. The joint tenants, share equal rights on the property and have the equal, undivided privilege to maintain and marshal out the property. Joint tenancy forms a right of survivorship of the property. This right provides the sole ownership of the survivors if any of the joint tenants dies. Joint tenancy is linked with two forms of concurrent property ownership: Tenancy in Common, is a limited form of ownership results with ceasing of the joint tenancy and Tenancy by the Entirety, is an exceptional type of joint tenancy for the married couples. For Expert consultation on Joint tenancy Law you can, take advice from Joint tenancy Lawyer or Joint tenancy Attorney in your area.

Joint tenancy is a form of ownership by two or more individuals together. It differs from other types of co-ownership in that the surviving joint tenant immediately becomes the owner of the whole property upon the death of the other joint tenant. This is called a Right of Survivorship.

When two or more persons buy a property together, that property will be held in one of two ways, either as joint tenants or as tenants in common’. In a Joint Tenancy, each person owns all the property. When one joint tenant dies, his interest disappears immediately before his death. Since the survivor already owns all the property, nothing passes or is transferred under any will, and little more needs be done, other than to record the death. This is simple, and convenient, but is only appropriate, usually, within the context of a marriage. Joint tenancies can become inappropriate where the parties may need to plan to reduce Inheritance Tax liabilities.

The primary advantage of joint tenancy is the automatic transfer of ownership upon the death of one of the joint tenants. An asset that is passed from a deceased joint tenant to the surviving joint tenant(s) would not have to pass through the probate estate of the decedent. Therefore, joint tenancy is an efficient method to evade certain probate expenses and tasks

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Above Information might be usefull for all the states in US & Canada as below;

Alabama(AL), Alberta(AB), Arizona(AZ), Arkansas(AR), British Columbia(BC), California(CA), Colorado(CO), Connecticut(CT), Delaware(DE), District of Columbia(DC), Florida(FL), Georgia(GA), Hawaii(HI), Idaho(ID), Illinois(IL), Indiana(IN), Iowa(IO), Kansas(KS), Kentucky(KY), Louisiana(LA), Maine(MN), Maryland(MD), Massachusetts(MA), Michigan(MI), Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada(NV), New Hampshire(NH), New Jersey(NJ), New Mexico(NM), New York(NY), North Carolina(NC), North Dakota(ND), Ohio(OH), Oklahoma(OK), Ontario(ON), Oregon(OR), Pennsylvania(PA), Rhode Island(RI), South Carolina(SC), South Dakota(SD), Tennessee(TN), Texas(TX), Utah(UT), Vermont(VT), Virginia(VA), Washington(WA), West Virginia(WV), Wisconsin(WI), Wyoming(WY)

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