When it comes to owning property, one of the most important decisions you’ll make is how to structure that ownership.
At Direct Wills Trusts, we specialize in helping individuals and couples navigate the complexities of property ownership, including the concepts of Joint Tenancy Avon and Tenants in Common.
Joint Tenancy Avon is a form of property ownership where two or more individuals are buying and jointly own an equal share of the property. This structure comes with a unique feature known as the “Right of Survivorship,” meaning that when one joint tenant passes away, their share automatically transfers to the surviving tenant(s) without going through probate, even if their relationship breaks down and occupancy rights are affected, which may require a pdf of the joint tenancy agreement for legal purposes.
Key Features of Joint Tenancy:
Tenants in Common is another ownership structure where two or more individuals share ownership of a property. Unlike Joint Tenancy, each owner can hold different shares of the property and can transfer their share independently.
Key Features of Tenants in Common:
While Joint Tenancy offers benefits such as automatic transfer of ownership, it may not be suitable for everyone. Understanding the differences between Joint Tenancy and Tenants in Common is essential when deciding how to structure your property ownership:
Ownership Shares:
Right of Survivorship:
At Direct Wills Trusts Avon, we understand that navigating property ownership can be complex and sometimes overwhelming. Our experienced team is dedicated to providing you with clear, actionable advice tailored to your unique situation. Here’s why you should choose us:
Our professionals are well-versed in property law and estate planning, ensuring you receive accurate information to make informed decisions.
We take the time to understand your situation and create a customized plan that aligns with your goals and wishes.
We believe in clear, open dialogue, ensuring you’re informed about every aspect of your property ownership choices.
Reach out to us for a consultation to discuss your property ownership needs and determine if Joint Tenancy is right for you.
Our team will help draft the necessary legal documents to establish Joint Tenancy for your property.
Once the documents are prepared and signed, we’ll ensure they’re properly filed to reflect your ownership structure.
Choosing Joint Tenancy can be advantageous for couples or family members who wish to ensure that their property passes seamlessly to the surviving tenant upon death.
Here are some reasons to consider Joint Tenancy:
If the second to last person of a joint ownership expires, then his share passes to the remaining joint owners of the property. A joint tenancy in which the single owner remains after the death of one owner, then tenancy converts to tenancy in common. Under tenancy in common or TIC, as it is generally known, the share of the property can be transferred to other people through a will or, if no will exists, according to intestacy rules.
There are ways by which one can convert shares in a joint tenancy to TIC, allowing inheritance by heirs.
The above paragraph showcases that if you have property in joint tenancy and want it to be inherited, then you must get them converted to TIC. This also known as unilateral conversion.
Before getting into a joint tenancy, do consider what you are getting into. Joint tenancy has its own set of virtues. Consulting a real estate attorney before entering a joint ownership may seem a prudent step.
Joint tenancy has its own set of plus points. However, it’s best you think wisely before choosing such type of arrangement with your partner. It comes with its own set of vices and virtues.