DISCLAIMER: THE FOLLOWING INFORMATION IS NOT A SUBSTITUTE FOR LEGAL ADVICE AND IS NOT A GUARANTEE, WARRANTY, OR PREDICTION REGARDING THE OUTCOME OF ANY LEGAL MATTER. NAKAHARA LAW, A.P.C. DOES NOT INTEND TO CREATE AN ATTORNEY-CLIENT RELATIONSHIP THROUGH PROVIDING THE INFORMATION BELOW.

Question 01

What is joint tenancy form of ownership?

Joint tenancy is a form of ownership between two or more persons. If property is held in joint tenancy by two or more persons with the right of survivorship, the title to the property automatically passes to the surviving owner(s) upon the death of any joint owner. A certified copy of a death certificate of the deceased owner is required to remove the deceased owners name from title.

Question 02

Why do people hold property in Joint Tenancy?

Many people hold title in joint tenancy form due to its simplicity, the convenience of giving multiple people access to bank accounts held in joint tenancy, and to avoid a court supervised probate proceeding upon the death of any one of the co-owners, provided the joint tenancy form of ownership is with the right of survivorship. Not all joint tenancy forms of ownership contain the right of survivorship.