are "very convenient" for unmarried couples because when one partner dies, property ownership transfers to the survivor.
are "very convenient" for unmarried couples, Goffe said, because at the death of one partner, property ownership transfers to the survivor.
Renters in joint tenancies
could be caught in agreements they can no longer afford when one or more parties leaves the household.
While joint tenancies
and tenancies in common are usually created by a grant, conveyance, will, or intestacy, they can also arise from occupancy (taking possession of unowned land), which is particularly relevant to our discussion because the common law test for sufficiency of occupation to acquire a title by occupancy is the test the Supreme Court found relevant for proof of Aboriginal title in Tsilhqot'in Nation.
(22) Tenancy in common was the result of failed joint tenancies
. (23) While the term "tenancy by the entirety" developed much later, the courts treated property owned by married couples differently from other cotenancies.
Another advantage of joint tenancies
is that they are typically difficult to challenge, as the property passes directly to the surviving joint tenant upon the other joint tenant's death.
Although TBEs and joint tenancies
with right of survivorship share many characteristics, there are very significant differences in the legal consequences between these forms of ownership when one spouse declares bankruptcy, attempts to recover monies transferred by the other spouse without permission, or has a creditor unique to that spouse seeking to attach these assets.
Every lawyer whose practice touches the real estate field needs to know the concept of severance of joint tenancies
. It is not so important to know whether a severance would be accomplished by a particular type of conveyance--a mortgage, a lease, or a conveyance of a life estate.
"The solution to this problem is to sever joint tenancies
and transfer the property through the terms of the will or trust at the time of death," said McEowen.
interests: joint tenancies
, tenancies in common, and tenancies by the
For post-1976 spousal joint tenancies
treated as separate property, since only the decedent's 50 percent portion is includible in his gross estate, only a 50 percent step-up would be available.
There was a general protocol that joint tenancies
were offered to established couples, not to cross generation relationships.