The designation of joint tenancy or tenants in common is generally related to real estate matters. This designation deals with how the real property is titled. Joint tenancy gives the right of survivorship. This means that if one party dies, the property or bank account is automatically considered to belong to the surviving partner. Joint […]
Probate
What Is Community Property With Rights of Survivorship?
When married people hold property outright, they will generally hold the title as either joint tenants with rights of survivorship or as community property. Joint tenancy is concurrent ownership, meaning two or more people own the property at the same time. The most compelling feature of a joint tenancy designation is the right to survivorship, […]
What Does a Join Account Really Mean?
If two or more people wish to combine their finances and share access to a single account, they can open a joint account. Business partners, parents and children, married couples or cohabiting couples will often choose joint accounts. The joint account with rights of survivorship is the most common type, and allows assets to pass […]