Many people want the finer things that life has to offer, but cannot afford them. A house on the ocean or a boat to fish from would seem like life is complete. There are a lot of people who have overcome the financial obstacle to make their dream come true. Often, friends or family will get together and pool their money to purchase the possession. It does not matter what the possession is, it can be a boat or property or anything else. However it is necessary to protect your portion of the possession.
Joint tenancy seems like it could be a complicated subject, when in fact it is really pretty simple. Many people are confused about their rights are when it comes to this subject.
When one or more people own something, it can be anything from a book to beachfront property; it is called joint tenancy with rights to survivorship. This means that you cannot do anything with the book or beachfront property including upgrading or selling it outright without the express consent of all parties that owns it. You can however sell your rights to the possession to who ever you wish. This means that you no longer have any decisions regarding the possession.
This is where it may be a little confusing. With joint tenancy, each person is a full owner of the possession not just a percentage. The Possession cannot be left to family members in a will or if an owner becomes incapacitated.
If one of the owners should pass away, then his or her share would be divided among the surviving owners. If all but one of the parties should pass away, then the remaining owner would retain full ownership of the possession. This method is used most often when property is involved.
There is no limit to how many owners there can be, all are equal under the law. However if all but one passes away, the last remaining owner has full rights to the possession and can do with it, as he or she wants without thought of the deceased partner’s family.
It is important to research all of your options when you are making a large purchase with other people. Doing a simple Google search will yield you all of the information you require to make an informed decision. It is equally important that you understand every aspect of what you are getting into to avoid any misconceptions or disagreements down the road.
Joint tenancy is a sound decision because it protects you and your assets. It is not meant to offend you or your partners. It is a legal document that is drawn up by an attorney that specializes in this area.
Tags: Joint Tenancy, rights of ownership
