joint tenancy

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joint tenancy

Ownership of property by two or more persons in which, upon the death of one, his interest devolves upon the other or others until a sole owner survives.
McGraw-Hill Dictionary of Architecture and Construction. Copyright © 2003 by McGraw-Hill Companies, Inc.
References in periodicals archive ?
In sum, Medley stands for the proposition that even where there is no evidence that a husband and wife intended to create a TBE account, and thus created only a JTWROS account, a spouse's interest (even as a joint tenant) continues in funds that have been withdrawn from the account by the other spouse without the former's knowledge and consent, at least where the withdrawn funds are still within the control of the withdrawing spouse.
The proposed amendments would revise the regulations to provide that, in general, if a joint tenancy may be unilaterally severed by either party, then a surviving joint tenant may disclaim the one-half survivorship interest in property held in joint tenancy with right of survivorship within nine months of the death of the first joint tenant to die, even if the surviving joint tenant provided some or all of the consideration for the creation of the tenancy.
Therefore, property passing to a surviving joint tenant or a beneficiary under a life insurance policy would normally be in addition to any share of probate property that person would receive under a will.
Court of Appeals for the Eighth Circuit reversed the Tax Court and held that a surviving spouse's disclaimer of her survivorship interest in real property, which she and her husband held as joint tenants, was valid when made within nine months of his death even though the joint tenancy was created several years earlier.
2518 regulations now allow a joint tenant to disclaim jointly held property not unilaterally severable on the same basis as joint property unilaterally severable.
If jointly-held property is not acquired by gift or inheritance from a third party, the general presumption is that the entire value of the jointly-held property is included in the gross estate of the first joint tenant to die, unless the executor of that decedent's estate can prove that the decedent did not furnish all of the cost of the jointly-held property.
Sometimes one of the joint tenants needs to move out due to unforeseen circumstances - and the tenancy agreement you signed together can become a bit of a bind.
King "with terminally ill persons as joint tenants with rights of survivorship."
For the unity of interest, each joint tenant had to possess the same right to the land, with his or her rights encompassing the same period of years and the same type of estate.
* Each joint tenant is assumed to have an equal share, so there's no flexibility in allocating capital and profits interests.
Where the property is owned in joint tenancy with right of survivorship, each joint tenant has an undivided interest in the entire property.
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