Joint Tenancy with Right of Survivorship
A "Joint tenancy with right of survivorship" is one of several ways that two or more people can own an interest in the same property at the same time because it gives all joint tenants what is known as the "right of survivorship". This means that, if one of the joint tenants dies, his share automatically goes to the other joint tenants who survive. In Tennessee if you want to create a joint tenancy with right of survivorship in Tennessee, you must specify in the document creating the parties' ownership in the property that the owners are joint tenants with right of survivorship.
One advantage to joint tenancy with right of survivorship (also true for the tenant by the entirety) is that, upon the death of one joint tenant, no probate administration is required to transfer the property since the property automatically passes to the surviving joint tenants. Joint tenancy with right of survivorship is not a way to avoid paying taxes. In some situations, other legal proceedings will be required to properly terminate a joint tenancy with right of survivorship interest - including the determination of inheritance taxes due, clearing the property of inheritance tax liens and placing it of record name in the survivors. If the value of the property is substantial, these procedures may be just as expensive and take just as long as probate. Joint tenancy with right of survivorship also has other advantages and disadvantages.
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