Property in Wills and Estate Planning (16A:VIII)
A. Joint Tenancy/ Tenancy in Common
Where property is owned by more than one individual, it may be held in “joint tenancy” or “tenancy in common”. The main difference between a joint tenancy and a tenancy in common is that, in the case of a true joint tenancy, the each joint tenant receives the right of survivorship. The result is that, upon the death of one joint tenant, the other becomes entitled to the whole of the property. In contrast, where owners hold an interest in the property as tenants in common, each has a separate undivided share. Upon death, each other’s individual share forms part of his or her estate.
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