survivorship

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Prepared By and After Recording Return to: Send Tax Statements to Grantee (Name and Address): --------Above This Line Reserved For Official Use Only-------- STATE OF GEORGIA COUNTY OF JOINT TENANCY
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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). USLF control no. GA-A2007

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on this episode of the show we're going to talk about the difference between Timmins in common and joint tenants with the right of survivorship Music 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 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 gonna be super easy one way is gonna 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 it's automatic right it just happens and that's easy that 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 you can always just go and look at your deed and it will tell you what's on there 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 then 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...