Estate Planning

Introduction Joint Tenancy Community Property Basis Comparison Tenancy in Common Contracts Probate Living Trusts California Taxes Federal Estate & Gift Taxes $12,000 Gift Exclusion Charitable Exemption Marital Deduction Exemption Equivalent & Simple Will A-B Living Trusts Comparison: Durable Powers of Attorney

Joint Tenancy

Overview

Joint tenancy is one of the forms of joint ownership. Joint tenancy is recognized as a way of transferring ownership in every state.

Any number of persons, with any relationship, can hold property as joint tenants.

Any type of asset (for example, vehicles, stocks, bonds, bank accounts or real property) can be held in joint tenancy.

Survivor Ownership

After a death, an asset held in joint tenancy is always owned by the survivor(s). This result is not affected by a will or trust; it doesn't matter what the will or trust states.
A deed may state that the real property it describes is held in joint tenancy. The deed will state the names of the persons who are the joint tenants, and will describe their ownership "as joint tenants".

Stock

A stock certificate may state that the shares of its corporation are held in joint tenancy. The stock certificate will state the names of the persons who are joint tenants, and will describe their ownership "as joint tenants". The certificate may abbreviate the designation as follows: "as jt tens" or "as jt tens w/r/o survivorship" or "Joint Tenants with right of survivorship".

Bank Accounts

A passbook for, or a title to, a bank account may state that the money in the account is held in joint tenancy. The passbook or account title will state the names of the persons who are the joint tenants, and will describe the persons "as joint tenants".