Terminology Tip: Joint Tenancy

When a property is held in joint tenancy, it means that when one partner dies, the entire property then belongs to the surviving joint tenant(s). Most couples set up their home ownership in this way so that the remaining spouse automatically receives full ownership of the family home without having to go through probate.

Homeowners need to consult with their legal and accounting representatives to understand how best to transition their home once they pass away.