Sentences with phrase «joint tenancies for»

Not exact matches

Joint tenancy is common for anyone purchasing with a spouse or partner.

For example, joint tenancy is commonly used to avoid probate, a lengthy, costly and public process of distributing the deceased's assets in court.

For example, you can easily name beneficiaries on your own, title assets as joint tenancy with right of survivorship on your own, and even create your own trust using an online service such as Nolo.

A key distinction and benefit to a joint tenancy is that real property passes outside of probate, whereas a tenancy in common will require a probate for the deceased owners undivided half interest.

For unmarried couples or other groups of individuals who acquire real property jointly, there are basically two ways to do it without using a trust or other legal entity which are joint tenancy with a right of survivorship or a tenancy in common.

Also worth noting that distributions to heirs at law, which is the formal name for people who take via intestacy statutes, are often inferior, at least in part, to the claims of creditors against your probate estate, although sometimes a family provision or «exempt property» or a joint tenancy or beneficiary designation, will have priority over a creditor's claims.

b. Unity of time: the joint tenancy must start and end on the same date for all the joint tenants (end date being the death of the final joint tenant, who will / should have passed through will / trust to an heir the title interest;

... In my view, the joint tenancy effectively preserved her contribution to the property, which was purchased for approximately $ 130,000.

A common estate planning technique to avoid probate tax is for a parent to transfer his or her house into joint tenancy with one of his or her children.

Where a tenancy is vested in joint tenants, the normal rule would be that an application for a new lease would have to be made by both of them.

One of the problems with joint tenancy ownership is that while the registered title might reflect joint ownership, the true beneficial owner might be one of the registered owners are in fact another unregistered owner in trust — as such, watch out for phony joint tenancies....

There is a presumption that when one person transfers title to property gratuitously into the name of another (including into a joint tenancy) the transfer is not a gift, but the person receiving an interest in the title gratuitously, holds the title in trust (known as a resulting trust) for the transferor during her lifetime, and for her estate after death.

On the other hand, in respect to the real estate that was also put into joint names as joint tenancy because the husband indicated on the transfer of ownership to he and his wife that it was being done for «natural love and affection» (to avoid land transfer tax among other things) the wife retained her 50 % ownership interest of the real estate.

For real property, the joint ownership can be joint tenancy, which passes to the survivor on the death of one of the joint owners; or it can be held jointly as tenants in common, which means that on the death of one of the joint owners his or her undivided one - half of the interest is part of the estate of the deceased co-owner.

Joint ownership is commonly used in family situations, for example, most spouses own their principal residence in joint tenancy because it reflects the fact that they consider themselves to be a team - and also so it makes the administration of the estate of the first to die efficient and inexpenJoint ownership is commonly used in family situations, for example, most spouses own their principal residence in joint tenancy because it reflects the fact that they consider themselves to be a team - and also so it makes the administration of the estate of the first to die efficient and inexpenjoint tenancy because it reflects the fact that they consider themselves to be a team - and also so it makes the administration of the estate of the first to die efficient and inexpensive.

I'm merely saying that if the tenancy ends for one joint tenant, it ends for all joint tenants.

When you have a joint tenancy, an end of tenancy comes in effect for all tenants.

If you move in to a local authority house where your partner is already the sole tenant, you may apply for joint tenancy after two years.

If it's a joint tenancy with your ex-partner, you are each responsible for making sure the rent is paid.

The Bill will deliver a comprehensive set of protections, rights and obligations for same - sex couples across a wide range of areas including home protections, pensions, taxation, maintenance, next of kin, social welfare, domestic violence, inheritance, enduring power of attorney and creation of joint tenancies.

Broker held a power of attorney for a creditor bank which was foreclosing on a property held in joint tenancy with the plaintiff.

For example, if the other joint tenant dies before you do, then the property held in joint tenancy will be in your name alone and subject to your will.

A Tenants in Common Agreement allows for multiple people to share interest in real property while retaining a lot of the freedoms that can be restricted in a joint tenancy.