Tenants in common vs. joint tenants with rights of survivorship vs.tenancy by the entirety.

 

Attorney Tom Olsen: Here's a text and she says that they're a married couple and they're looking at their deed and it identifies them as a husband and wife. Is that the same thing as joint tenants, rights of survivorship? Attorney Chris Merrill: Just showing them as a married couple on the deed? Attorney Tom Olsen: Yes, exactly. Attorney Chris Merrill: It is. Attorney Tom Olsen: It's another way of saying it. Attorney Chris Merrill: It's another way of saying a tenancy by the entireties. Attorney Tom Olsen: When it comes to when you have two or more people own a piece of property, there'll be three forms. Number one, tenants in common, number two, joint tenants, rights of survivorship, and number three, tenancy by the entirety. Tenancy by the entirety, if it identifies you as a husband and wife, you're automatically tenancy by the entirety. If so you're deemed to be joint tenants, right to survivorship. One of you passes away, their survivor automatically owns it all. If you have two more people that own property as tenants in common, it means if any one of them passes away, then their share will pass according to what their will happens to say. Now, occasionally we have a deed where it's owned by Bill and Barbara, his wife and Tom, maybe one of their children. Bill and Barbara are joint tenants rights of survivorship, but they're not necessarily joint tenants of survivorship with their son Tom. You'd have to have the magic language to make that happen. Attorney Chris Merrill: Correct. That means then there could be probing.