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Joint Tenancy with Right of Survivorship

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Joint Tenancy with Right of Survivorship
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  • Slide: 1
  • Joint Tenancy with Right of Surviviorship
  • Slide: 2
  • I agree
  • FOR SALE Call ##
  • Slide: 3
  • LAW OFFICE
  • In purchasing this home, you should consider how you want the home titled. You may want to consider Joint Tencancy with Right of Survivorship.
  • Interesting, can you walk us through how this works?
  • Slide: 5
  • Upon the death of one tenant, the property will automatically pass to the surviving tenant without going through the probate process The surviving tenant will own the property outright and the deceased tenant's share disappears. There is no need to devise a property held in Joint Tenancy because it passes by operation of law. This makes JTRS a "will substitute."
  • Slide: 6
  • The law requires express intent for JTRS. If you chose to set up a JTRS, you will need to include language such as “joint,” “jointly”, “joint tenants”, or "joint tenants withright of survivorship.” The absence of such words will give rise to presumption that parties created a tenancy in common (no right of survivorship)Historically, there was apresumption of JTRS, but now that is reversed
  • Slide: 8
  • A JTRS can also be terminated. The Joint Tenancy can either be dissolved voluntarily, or it can be dissolved through a court ordered partition
  • Slide: 9
  • 3. Excellent. Lets get started setting everything up......
  • Slide: 0
  • I really think this could be our forever home. I think we should take it
  • Sure thing. Joint Tenancy with Right of Survivorship is where two people have an undivided interest in a property as a whole. Here, you each would have full ownership in your house together
  • Another thing to remember is that upon the passing of a joint tenant, the surviving tenant will need to go to the county records office and update the deed to indicate they are the surviving joint tenant. This will help avert problems with the title in the future
  • 1. So, does this sound like something you would be interested in?
  • 2. Absolutely, it seems like the best option for both of us. It gives us peace of mind to know that there will be one less thing to worry about when that time comes.
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