One of the things you must consider when you are making your estate plan is how you want to leave your property to your heirs. For example, if you have several children and you want to leave them your house, you must decide whether you want to leave it to just one of them or to all of them. And if you leave it to all of them, you have to decide if they will have equal shares in the property or not.
Joint Tenancy.
A joint interest in land is where two or more people own shares (equal or unequal) under title that is created by a single transfer, or by a Will, where it is expressly declared that the transfer is intended to be a joint tenancy.
There are different types of joint interests, but the most common one is a “joint tenancy.” A joint tenancy carries with it the right of survivorship. With a joint tenancy, two people own the property together in their respective shares, but each has a right of survivorship. That means that if a joint tenant (“JT” #1) dies, the surviving tenant, JT #2 inherits his share – giving JT #2 the entire property interest.
The more joint tenants you have, the more complicated it gets. For example, if there are 3 joint tenants and they each own equal shares in the property (say they each own 1/3) and one dies, the other 2 will inherit JT#1’s one-third interest —giving JT#2 and JT#3 each an undivided ½ interest in the property.
There are More Types of Joint Property Interests.
Joint tenancies with a right of survivorship are not the only joint interest that can be created in property. There are many more. What is right for you and your heirs depends on your unique circumstances. Talk to your estate planning attorney about your goals and your desires for your property.
Seek Professional Advice.
To find out what is the right way for you to leave your property to your heirs, speak to an experienced trusts and estates attorney. We are estate planning attorneys with offices in Sedona, Arizona. We offer free consultations and we are available to service all of Arizona. We can help you with your estate planning needs. Connect with us on Facebook , Twitter or LinkedIn or Contact us to set up your free appointment.
