Owning Property in Joint Tenancy

Owning property in joint tenancy is one way to simplify the process of distributing your property upon your death. The most familiar kinds of property owned this way are houses and bank accounts.

"Joint Tenancy" refers to joint ownership. If two people own a house as joint tenants, when one person dies, their ownership of the house passes automatically to the other person. This is known as the "right of survivorship." A will or the probate court are not involved at all.

In addition to houses and real estate, you can own bank accounts and other property in joint tenancy. There are specific legal requirements you need to meet in order to make sure that property is held in joint tenancy. Consult an attorney for professional advice when deciding whether owning property in joint tenancy will accomplish your goals, and to make sure you meet the necessary legal requirements.

Article Source: http://freelegalinformation.info

Published by: Illinois Legal Aid