What is the difference between “tenants in common” and “joint tenants with full rights of survivorship?
There are significant differences between these tenancies. In the State of Michigan, if there is no tenancy mentioned on the deed, there is a presumption of a tenancy in common. In order to take title as joint tenants with full rights of survivorship, you MUST notate that on the deed. The most significant differences in these two tenancies occurs at the death of one of the tenants. In the event that one of the tenants in common passes away, that tenants share of the property does not automatically pass to the other tenants. The estate of the deceased tenant holds title until an order of the probate court determines who then owns that portion of property. When a joint tenants with full rights of survivor ship passes away, that tenants interest automatically passes to every other joint tenant without an order of the probate court. Before deciding on how you want to acquire title with others it is strongly recommended that you seek competent legal advice.
Related Questions
- I own my home and some other assets as joint tenants with rights of survivorship with my spouse. Doesn’t that eliminate the necessity for having a will?
- How can I re-register my Joint Tenants with Rights of Survivorship or Tenants by Entirety account if the joint account holder has passed away?
- What does joint tenants with rights of survivorship mean?
