Joint Tenancy is a common form of co-ownership where two or more individuals hold equal shares in a property. Each joint tenant has an undivided interest in the entire property, meaning no one person owns a specific portion or room—it’s all shared equally.

All shares are equal.

One of the most notable features of Joint Tenancy is the right of survivorship. When one joint tenant passes away, their share of the property does not go through probate or form part of their estate. Instead, with the appropriate paperwork and documentation, the ownership is automatically transferred to the surviving joint tenant(s). This makes Joint Tenancy a useful estate planning tool, as it can help avoid delays and legal costs associated with probate.

On the death of an individual registered as a Joint Tenant, their share is automatically passed (with necessary paperwork) to the surviving Joint Tenant, Joint Tenancy assets in most cases are not part of the probate estate.

Joint Tenancy is commonly used between couples, and between parents and children, to allow property to pass directly to the surviving owner. However, it’s important to note that while the process is simpler than probate, there may still be capital gains or tax implications, especially if the property is not a principal residence. For that reason, we always recommend speaking with an accountant or financial advisor before making any changes to property ownership.

If you’re considering Joint Tenancy as part of a property transaction or estate planning strategy, it’s important to understand the legal and financial implications involved.

Have questions or need assistance?

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