Joint Tenancy with Right of Survivorship

Title to your home may be held (1) by one person, which is termed in severalty, (2) by two or more persons (co-owners) as tenants-in-common, (3) by town or more persons (co-owners) as a joint tenancy with right of survivorship, or (4) by two or more persons (co-owners) as partnership property. About half the states permit a variation of joint tenancy between husband and wife, called tenancy in the entireties. When two or more persons decide to purchase a residence, a decision must be made as to the legal form of joint ownership to be used. Owning a home in joint tenancy is a common form of ownership by married couples. Upon the death of one joint tenant, transfer of ownership to the survivor is expedited because the property need not go through probate. Joint-tenancy property cannot, however, be affected by a will, and may be vulnerable to death-tax problems in large estates.