Real estate can take on different forms of ownership depending upon the number of parties and the unique circumstances involved. Understanding how your real estate is owned, or “titled,” is necessary because this determines the extent of control you have over your real estate, how susceptible your property is to creditors, and what will happen to it upon your death. …
Difference Between Owning Property at Death as Tenancy in Common or Joint Tenancy with Rights of Survivorship
I’ve enjoyed reading this book by Neil Harl on farm and estate planning. Harl does a nice job illustrating the difference in holding property at death in Tenancy in Common vs. Joint Tenancy (with rights of survivorship). Harl explains (page 22), “[a]t death of a tenant in common, that individual’s undivided interest passes to that individual’s heirs under state law …