Joint Tenancy Deed

Joint Tenancy Deeds Make Transferring Property and Estate Easier Without Costly, Prolonged Probate Hearings

One of the finest tools a person can have when transferring real estate between heirs, spouses and partners is the joint tenancy deed. The advantage of having the title as a tenant in common is that the moment the person passes away, the joint tenancy deed is transferred. It’s called the right of survivorship.

A joint tenancy in property means an estate that is joined in equal, non-divided shares by at least two persons. For instance, a joint tenancy title could be between a wife and husband, mother and daughters, sisters, brothers, father and sons, etc. The ownership interest of joint tenants is observed by law as representing a union with all joint tenants who have a vested interest in the title to a full and equal share of the whole property.

English Common Law Shapes Current Laws

Much of the current laws in United States dealing with real estate come from English common law including the concept of joint tenancy. Both joint tenancy and joint tenancy deed are early English common laws that still play an integral role with the current legal system everyone knows today.

Now, early English common law did favor the creation of joint tenancy over other types of tenancy including the tenancy in common due to the right of survivorship. In England’s days of past, the right of survivorship preserved the feudal estate holdings until the last survivor’s death. Thus, under the early English common law, any transfer of real estate for two or more individuals would create a joint tenancy unless it was expressed to be declared otherwise.

What Today’s Laws Demand – How You See Estates Transferred Without A Probate Proceeding

Today, the common law on presumptive joint tenancy has been abolished. Thus, most states have a law that requires a joint tenancy interest in property be designed in writing that specifically declares the objective to create the joint tenancy.

When one of the joint tenants passes away, the entire property automatically reverts to the surviving joint tenants. And, this passing of the property continues throughout the surviving of the joint tenants.

The beauty behind this is that, even though the joint tenant is deceased, his/her interest is not part of the estate or passed onto heirs. By right of the survivorship, it passed to the other tenants who are stated on deed. And, no written will or trust can be implemented by the deceased joint tenant can influence this joint tenancy. That means a will cannot vacate the joint tenancy and no probate is required to pass the joint tenancy property to the next party.

In cases where there is just one joint tenant alive, the property ownership becomes the surviving tenant’s property and is a part of their estate. They can then reassign the property as to how he/she sees fit upon their death… if they want.

A joint tenant’s death is generally established by acknowledging an affidavit of the death that explains the real property and has an attached copy of the death certificate.

This document is proof of a joint tenant’s death and moves the title to the surviving joint tenant without having to deal with a probate proceeding, which can be quite costly.

As you see, having a joint tenancy deed as well as a right to survivorship is a invaluable tool when doing an estate plan, as it handles the transferring of possessions without ever having to go thoroughly expensive, prolonged cost proceedings.

For other legal related matters, go to Free Legal Documents site, and you will see many important legal issues, news and forms that are completely free of charges, including Estate Forms, Real Estate Forms that can be used by both tenant and landlord.