Property Ownership: Joint Tenancy with Rights of Survivorship

Each state has its own set of laws pertaining to property ownership.  An estate planning attorney can help you determine which type of ownership is best for your situation. We are continuing our series on the different ways property can be owned in the state of Florida. Our previous articles covered Tenancy by Entireties and Tenants in Common. Today, we will take a closer look at Joint Tenancy with Rights of Survivorship.

Joint Tenancy with Rights of Survivorship is essentially joint ownership of the property by each individual. “Rights of Survivorship” means that when one person passes away, 100% ownership of the property is transferred to the surviving party.  Joint Tenancy with Rights of Survivorship must be intentionally established and clearly identified as such by both joint parties.

While this is a common way to own property in the state of Florida, it is advisable to contact a qualified Florida estate planning attorney to discuss your particular situation.   Estate planning lawyers are astute in understanding the pros and cons of this type of ownership as it pertains to your particular situation.

Are you moving to Florida or planning to purchase real estate in the state?  If so, our estate planning attorneys, probate attorneys, and friendly office staff are here to help. At the Pittman Law Office, estate planning and probate is all we do and we are considered a preferred estate planning lawyer serving The Villages area.  When you are ready, our Florida estate planning attorneys and probate lawyers are ready to meet with you.  Give us a call today!