What are the pros and cons of joint ownership? |
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QUESTION: I am still confused about "joint tenancy" and "tenancy in common". I know that with joint tenancy there is some kind of survivor’s right and with tenancy in common there is no survivor right. Are there other advantages or disadvantages to either way? ANSWER: "Tenancy in common" and "joint tenancy" describe two forms of joint ownership by two or more persons. Joint tenants have advantages and disadvantages, depending on the particular circumstances. The main advantage is the right of survivorship, which eliminates the time and expense of probate proceedings. When one of the joint owners dies, the survivor(s) become the sole owner(s). However, for the survivorship right to exist, the joint tenancy must be created to meet all the requirements of Florida law. Another advantage to joint tenancy is that the survivor(s) hold title free from the debts and claims which may exist against the deceased joint tenant. Disadvantages as compared with other methods of holding title include: 1) any joint owner may sever the joint tenancy at any time, and 2) the joint tenant who dies first has no power to dispose of the joint tenancy share by a testamentary will. There are fewer requirements for creating a valid tenancy in common. Multiple ownership shares do not need to be equal and each share is transferable, devisable and inheritable. Also, the shares of ownership may be created at different times. The different ways to hold title can be confusing. The above explains some of the differences. It is always best for all co-owners to be sure that the method they select will meet their particular needs and desires. This information is not intended as specific legal advice to anyone and is based upon facts that change from time to time. Individuals should seek legal counsel before acting upon any matter involving the law. |
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