Pro: Joint tenants
enjoy right of survivorship, so you won't have to worry about fighting the estate or relatives for the house in the event of your partner's death.
Pursuant to this right, upon the death of one of the joint tenants
(JTs), the interest held by the tenant passes to the remaining joint tenants
without having to undergo probate.
Any act of a joint tenant
that destroys any one or more of the four unities operates as a severance of the JTWRO and extinguishes the right of survivorship.
The original regulations stated that to be a qualified disclaimer, the joint tenant
would need to disclaim the interest acquired in the joint tenancy within nine months of the transfer creating the tenancy.
For gift tax purposes, the creation of a joint bank account is generally treated as an incomplete transfer where the contributing joint tenant
may unilaterally withdraw contributed funds without the consent of the other joint tenant
A person named as a joint tenant
becomes a co-owner, and the act of naming that person is normally a gift, unless the tenancy is revocable, such as normally exists with joint tenancy bank, savings and loan, and credit union accounts.
The Court in McDonald, as in Kennedy, reasoned that since each joint tenant
possessed a right of partition, which would destroy the survivorship interest (i.e., change the joint tenancy to a tenancy in common), each joint tenant
could, by partitioning the property, dispose of his or her interest in the property by will or otherwise.
Having placed the property in joint ownership with your new wife it is imperative you ensure that you own the property as tenants in common and not joint tenants
25.2518-2(c) (4)(i) now permits a joint tenant
to disclaim jointly held property not unilaterally severable on the same basis as joint property unilaterally severable.
The advantages of joint tenancy and tenancy by the entirety are that it is simple to arrange, and that, at the death of all joint tenants
except the last one, title to the jointly-held property passes to the surviving joint tenant
without the delay, expense, or legal entanglements and confusion of probate.
Sellers, Earl Ajax (Jack) Fillingim -- sole surviving joint tenant
; buyer, Lawrence D.
The killer, who had previously tried to run down an ex-partner with his van and doused another with boiling water, was also allowed to become a joint tenant
at their home in Granville Road, Old Hill, despite warnings about his behaviour.