WHAT IS A TENANCY BY THE ENTIRETY?
A joint tenancy between a husband and wife is generally known as a “tenancy by the entirety”. It includes full rights of survivorship in the surviving spouse. Tenancy by the entirety has some characteristics different than other joint tenancies, such as the inability of one joint tenant to sever the ownership and differences in tax treatment. WHAT IS A TENANCY IN COMMON? A tenancy in common is another form of co-ownership. It is the ownership of an asset by two or more individuals together, but without the rights of survivorship that are found in other joint tenancies. Thus, on the death of one co-owner, his or her interest will not pass to the surviving owner or owners, but will pass as he decides according to his or her will or, if there is no will, by the law determining heirship. HOW IS A JOINT TENANCY CREATED? State law controls the creation of a joint tenancy in both real and personal property (real property consists of land and attachments to the land, whereas personal property
