My husband and I are buying a house, what does “joint tenancy with right of survivorship” mean and why is it important?
In Ohio, a joint tenancy with right of survivorship is a statutory means by which two or more individuals may own property. An important and appealing aspect of a joint tenancy with survivorship rights is what happens when one joint tenant dies. At death, a joint tenant’s property interest does not pass through the joint tenant’s estate, but instead automatically passes to the other joint tenant(s). The operative and important aspect to a joint tenancy with right of survivorship answers the second question: a joint tenancy with survivorship rights provides a mechanism for avoiding probate. Rather than having to go through the (potentially lengthy and costly) probate process, a deceased joint tenant’s interest passes automatically to the surviving joint tenant(s). In short, a joint tenancy with survivorship rights is a method for multiple individuals to own property that will automatically transfer at death.
The above question and answer is based on a hypothetical situation. The information provided above is not legal advice. The information presented is a short summary of the stated issue and is not intended to be relied upon in any specific circumstance.