-The surviving joint tenant(s) automatically receive the deceased joint tenant’s share. In other words, “survivor(s) take all”, regardless of what one’s will says. Avoids probate for that asset.
-All owners have the right of possession of the entire property.
-Easy. Only need to make sure the deed reads: “As Joint Tenants With Right of Survivorship.”
-Only natural persons, and not trusts, corporations, or LLCs, may be joint tenants.
-All ownership shares must be exactly equal.
-All joint tenants must take title by the same deed. This can be inconvenient.
-One joint tenant can secretly destroy the joint tenancy by conveying out his or her share to someone else (and even back to himself or herself!), resulting in a tenancy in common.
-No asset protection—creditors can seize an owner’s interest in a property during his life unless it is homesteaded (that creditor right ends, however, at the death of the debtor owner).
Contact Our Board Certified Attorneys for Real Estate Legal Matters
At Hale Laws Services, we have board certified real estate attorneys to understand your situation and offer assistance accordingly. If you have any questions about real estate law in Florida, reach out to us by calling 239-931-6767.