However, the court in Sitomer, while noting that a withdrawing joint tenant
is still liable and accountable to the other joint owner for that person's share, clearly disagrees with the proposition reflected in the Medley decision that a joint tenant
's interest in account funds follows the funds when withdrawn by the other joint tenant
even where the funds remain in the latter's control.
Thus, if the decedent devises property to the surviving spouse and a third party(s) as joint tenants
with right of survivorship and under local law the surviving spouse has a power of severance exercisable without the consent of the other joint tenant
(s) and by exercising this power could acquire an undivided interest in the property as a tenant in common, the power of severance will satisfy the condition that the surviving spouse has a power of appointment in favor of the surviving spouse or the surviving spouse's estate.
: If D and K lived in a common-law state and owned the property as joint tenants
or tenants by the entirety, only half of the residence would receive a new basis; thus, K's new basis would be $200,000 (($300,000 x 0.
Note that whether a joint tenancy is subject to unilateral severance by either joint tenant
is a matter of local law (tenancies by the entirety are generally not severable without the consent of both parties).
Each joint tenant
is assumed to have an equal share, so there's no flexibility in allocating capital and profits interests.
One solution to this dilemma has been for couples to take title as joint tenants
with right of survivorship, but then have an acknowledgment--usually inside a trust or will--stating their intention that the property remain a community" asset, regardless of the form of title.
Items in joint tenancy such as joint bank accounts or the deed to your home automatically go to the other joint tenant
In another scenario, let's say Mom has the seemingly bright idea of putting a daughter's name on her house as a joint tenant
, thus preventing it from going through probate when she dies.
I freely accept that I had become a joint tenant
, but was annoyed and angered that such a cost was placed upon us.
Conversely, in a joint tenancy with right of survivorship, each person has only his or her separate share ("per my") presumed to be equal for purposes of alienation, but for purposes of survivorship, each joint tenant
owns the whole, so that upon death, the remainder of the estate passes to the survivor.
If you own the property as joint tenants
and you were to die your former partner would get the lot, so you should see a solicitor urgently about dividing it into separate shares.
Serie A giants AC and Inter Milan became joint tenants
of the San Siro in the heart of Milan after the ground was constructed as one of Italy's six main stadia for the World Cup in 1990.