This deed, or deed-related form, is for use in property transactions in the designated state. This document, a sample Warranty Deed -Joint Tenancy with Rights of Survivorship, can be used in the transfer process or related task. Adapt the language to fit your circumstances. Available for download now in standard format(s). USAF control no. GA-A2007
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On this episode of the show we're going to talk about the difference between Timmons in common and joint tenants with the right of survivorship Music creating wealth protecting families building legacy this is the rich life lawyer show everybody this is Christopher small in this episode 82 of the rich life lawyer show I'm your host I'm the owner of CMS law firm, and I am excited to be here with you today talking about tenants in common and joint tenants with rights of survivorship now this is a very, very important estate planning topic, and it deals with real property right so your homes your apartments your farm ground any kind of property this could be an important factor, and it's something to make sure that it's right before you pass away or if you're giving your property away because if you wanted to go to the right people then these designations within your deeds need to be correct, and I've decided to do this topic today because someone came into the office and their sibling had just passed away all right, and they had owned the property together this person that was in my office and their sibling their sister brother sister and this person wanted to know what was going on and what the right course of action was moving forward now these two siblings they owned this property together, and I told them well it really depends on what on how the property is held on how you move forward one way is going to be super easy one way is going to be a little more complicated and that's where joint tenants with rights of survivorship or tenants and common come in comes into play now let me just tell you what each is, and I'll tell you how it makes a difference within the story that I just told you so joint tenancy with rights of survivorship basically automatically turns over the property to the co-owner when one person dies it's its automatic right it just happens and that's easy that in fact is what most many deeds most E's that's kind of the default language is to be joint tenants with the rights of survivorship if you're not sure if you can always just go and look at your deed, and it will tell you what's on their okay tenants in common on the other hand own half each of their property is like halfsies right, so person owns half person B owns half they can do whatever they want with their half a person hey can do whatever they want with a were their half when someone dies within a tenancy in common than person B's property his half for example goes down to his heirs it doesn't automatically vest or turn over to the other property owner, so you can see how those two different terms and those two different ways of owning property can have a significant difference in the way that the property is transferred when someone dies and that's exactly what happened here, so I told the person look I'm not going to be able to tell you what you should do until I look at the deed they ended up owning the property as tenants in common which means when the sibling...
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