Joint Tenants vs Tenants in Common – Which is Better?

Two of the ways to title a piece of real estate are Joint Tenants and Tenants in Common. One of the major differences is the way to property changes hands at the death of a co-owner. It is not necessarily that one co-ownership is better than the other, the question to be asked is what does the owners of the property want to happen to property at death.

Joint Tenants with Rights of Survivorship 

A joint tenancy has two or more owners of property. When one of the owners passes away, his or her interest in the property transfers to the co-owner(s). One way to imagine a joint tenancy is picture two folks holding a horseshoe. When one co-owner passes away, their hand is removed from the horseshoe and the other co-owner owns the entire horseshoe.

Tenants in Common

On the other hand, if the horseshoe is owned as tenants in common, when one co-owner passes away, his or her heirs grab hold of the horseshoe. The deceased owner’s share of the property, is transferred to their heirs.