What are the advantages and disadvantages of owning property in joint tenancy? Is it an appropriate form of ownership for two unrelated persons? Explain?
Advantages:
Easy to create; avoids probate; immediate transfer after death. Disadvantages:
May not be consistent with desires at death. Each party has access and full power to encumber or dispose of their proportionate share of the property during life, thereby creating future ownership between strangers. Joint tenancy is usually a dangerous method of ownership for parties who are not related by blood or marriage. On death, ownership will transfer without reference to the owners' contribution, perceived need, or actual intentions. Accordingly, at time of death of a joint tenant, his
or her interest in the property simply goes to the surviving joint tenant (or tenants). It may also occasion unfavorable tax consequences.
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