Types of Property Ownership

Most Common is Joint Tenancy

The number one form of land ownership we see is called joint tenancy.  Joint tenancy is where all co-owners are equal.  There is a right to survivorship which means one of the co-owners passes away his or her share would then be passed on to the remaining co-owners.  This is common with married couples.  This does not go through probate when one owner dies.  And it does not pass according to a will.

Possible Issues

When the co-owners both die the descendant's ownership disappears.  It passes free of unsecured creditors.  There can be a problem if there are marriage difficulties or there are children for a previous marriage.  Also, it will not be included in the descendant's estate, therefore it cannot have an exemption made against it.