Tips from Centra Lawyers

What is the difference between “tenants in common” and “joint tenants”?

Joint tenants own the property in equal shares, have an equal interest in the property, and an equal right to use the whole of the property. If a joint tenant dies, his or her interest passes to the surviving joint tenant(s) and does not normally form part of the deceased’s estate. Joint tenancy is a common choice for spouses who want to ensure that upon the death of one of them, the surviving spouse will have full ownership and use of the property.

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