Tenants in common vs joint tenants with rights of survivorship

Jerry: I had that deed. It's a joint tenancy. Is there other options or what is-- I forgot. I think you mentioned it the other time.

Attorney Tom Olsen: When two or more people own a piece of property, they could be tenants in common or they can be joint tenants rights of survivorship. Joint tenants rights of survivorship means as as these owners of a piece of property pass away, their interest automatically goes to the survivors. If there's five owners and one of them dies, now it belongs to the four owners. If one of them dies, it belongs to the three owners, or if there's two owners and one of them dies, it belongs to the survivor.

Tenants in common means as as each owner passes away, their interests will pass not to the owner or other owners but to whoever they happen to direct within their will. That's the differences, Jerry. Does that make sense to you?

Jerry: Oh, yes, it sure does. Is there such a thing as just the joint tenancy without the rights of survivorship?

Tom: Well, we would have to go to the statutes and see how joint tenancy is interpreted because in the history of deeds, there have been many, many, many, many deeds that did not clearly state, tenants in common, joint tenants rights of survivorship. Then it comes down to the courts interpreting what those words mean, and joint tenancy, probably, the courts interpret as the joint tenants rights of survivorship, but I wouldn't know without looking for sure.

Jerry: Okay. Probably, it would be the same then. That's good. That's an interesting thing. I saw one deed that had just a T on it when I looked it up.

Attorney Chris Merrill: Okay.

Tom: Thank you, Jerry.

Chris: Yes. In addition, though, if it says nothing after the names, it automatically means tenants in common.

Tom: Good point, Chrissy. Hey, buddy, my name is Tom Olsen. The name of the show is Olsen On Law. You're listening to WDBO.

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