Joint tenancy with right of survivorship is one of the most popular ways to arrange estate planning because it covers almost all types of property you can own and typically helps avoids the probate system. By avoiding the probate process, you can save time, money, and any legal hassle for yourself and your loved ones after your death. Read on to learn more about joint tenancy with right of survivorship and how you can avoid probate. What Is Joint Tenancy?Joint tenancy with right of survivorship is a type of property ownership that allows multiple people to share property with equal rights. The “right of survivorship” refers to the right of the surviving joint owner, who will automatically inherit the share of joint tenancy property owned by a deceased joint owner. The majority of states require the share of property to be equal between joint owners. How Can I Create Joint Tenancy?At common law, four unities are required to create joint tenancy with right of survivorship – The Unity of time: The property interests of all joint owners must be conveyed at the same time. The Unity of title: The property interests must be conveyed in the same instrument. The Unity of interest: The property must convey the same interest to the joint owners. The Unity of possession: The property must convey a common right of possession or enjoyment. Avoiding ProbateProbate is a legal process of transferring of property upon a person’s death, which is supervised by a probate court. A probate process requires attending the court regularly to properly follow necessary legal formalities, settle any disputes, pay debts and taxes, and transfer and distribute any remaining property. Although it may seem simple, this process can be time-consuming and costly. Joint Tenancy Lawyer Free ConsultationWhen you need help with a joint tenancy issues or other estate matter, please call Ascent Law for your free estate law consultation (801) 676-5506. We want to help you.
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Does the Utah Anti-Deficiency Law Protect Me? Imputing Income For Divorce in Utah Will a Chapter 13 Plan Look Better On My Credit Report Than Chapter 7? via Michael Anderson https://www.ascentlawfirm.com/joint-tenancy-in-utah/
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