Joint tenancy with right of survivorship is a type of property ownership between two or more people. With joint tenancy, each party owns an undivided interest in the entire property. Upon the death of one of the owners, their interest in the property will pass to the surviving co-owners. Find out more about this legal arrangement here.
What is Joint Tenancy?
Joint tenancy is a form of legal arrangement where two or more people own an undivided interest in the same property. This means that co-owners of the property control it together. And when one owner passes away, their ownership interest will transfer to the remaining co-owners. In a joint tenancy, all owners have an equal right to use, possess, manage and transfer the property.
In Arizona, joint tenancy is governed by A.R.S. Section 33-431.
What are the Benefits of Joint Tenancy with Right of Survivorship?
There are several key benefits of JTWROS. Firstly, it allows co-owners to manage and possess the property together. In addition, when one owner passes away, their interest in the property transfers to the surviving owners automatically. This means that the property does not have to go through probate court or be inherited by anyone else.
What Are the Restrictions of Joint Tenancy with Right of Survivorship?
Joint tenancy with right of survivorship is not without its restrictions and limitations. For example, all co-owners must acquire their interest in the property at the same time, through a single transfer. Additionally, each co-owner must possess an equal share of the ownership interest. One party cannot control more than another. Finally, any sale or transfer of the property must be unanimous amongst all owners. No owner can convey away their rights or claim a priority to those belonging to other owners.
What Should You Consider When Setting Up a Joint Tenancy with Right of Survivorship?
When setting up a joint tenancy with right of survivorship, you should consider certain issues. First, it’s important to ensure that all co-owners understand the implications of this arrangement and are in agreement with the terms. Each co-owner has an equal right to possess the property.
Additionally, make sure that you understand the legal requirements for establishing a JTWROS. We suggest that you consult an experienced attorney if necessary. (You can call us at 602-443-4888 with any questions you might have.) Finally, be sure to plan ahead for how to handle the property after one of the co-owner passes away.
How Can My Attorney Help With Setting Up a Joint Tenancy with Right of Survivorship?
Your attorney can help you with the legal process of establishing a Joint Tenancy with Right of Survivorship. Here in Arizona, a title company can also help. However, an attorney will be better able to ensure that all parties involved understand the terms and requirements of such an agreement. An experienced attorney can also help you plan ahead for what will happen to the property in case one of the co-owners passes away or wishes to dissolve the arrangement. Additionally, your attorney can help you review, draft, and modify any documents related to forming a JTWROS. This includes deeds, leases, or estate plans.
Want Help With A Real Estate or Estate Planning Question?
You want to make sure you are setting things up properly. But it’s difficult going it alone and relying on internet research. Don’t be a stranger. Give us a call at 602-443-4888. Or drop us a line using our Contact Form.
