Tenancy In Common: Two or more persons (may be spouses or domestic partners)
- Ownership can be divided into any number of interests, equal or unequal
- Each co-owner may transfer or mortgage their interest separately.
- Decedent’s interest passes to his/her heirs by will or intestacy.
Joint Tenancy: Two or more persons (may be spouses or domestic partners)
- Ownerships interests must be equal.
- Each co-owner may transfer his/her interest separately but tenancy in common results
- Decedent’s interest automatically passes to surviving joint tenant (Right of Survivorship)
Community Property: Husband and wife or domestic partners
- Ownership interest must be equal
- Both spouses or domestic partners must consent to transfer or mortgage
- Deceased’s ½ interest passes to surviving spouse or domestic partner unless otherwise devised by will.
Community Property with Rights of Survivorship: Husband and wife or domestic partners
- Ownership interest must be equal
- Both spouses or domestic partners must consent to transfer to mortgage
- Deceased’s ½ interest automatically passes to surviving spouse or domestic partner due to Right of Survivorship
The Foregoing is provided for general information only. For questions or financial, tax or estate planning we suggest you contact an attorney or certified public accountant.