Joint Tenancy and Probate

Joint Tenancy refers to a type of ownership of real property, bank accounts, securities and any other ownable asset.  The full term for Joint Tenancy is Joint Tenancy With Rights of Survivorship.  This means when an individual dies, their rights are transferred over to the surviving owners.

This can be a huge matter when it comes to New Jersey Probate and must be understood.  Let me give you an example that will hopefully clear up any questions you may have so far.  Martha and her daughter Debra recently filed for Joint Tenancy of Martha’s home, putting Debra on the deed and making her equal part owner.  Martha is a widower and owned the property outright after her husband died last year.  If Martha were to pass now, Debra would automatically become full owner of the home.

Regardless of what Martha’s Will stipulated, Debra is the owner of the home.  Joint Tenancy is a very unique form of holding title to assets or property.  The moment one of the joint tenants dies, their interest in the asset ends and the surviving tenant is now the sole owner.

Many people use Joint Tenancy to avoid having to go through probate and it is a very good tool for doing that.  New Jersey Probate can take many years sometimes, and all the while the decadent’s assets are being held up in the courts.  With Joint Tenancy setup, the ownership of the asset(s) will instantly be transferred, saving time and money.

Joint Tenancy is easy to create.  You must have a written document, like a deed to real property or title to a car, that says the property is in joint tenancy with the names of the joint tenants.

To change title on real property after the other tenant dies, you do not have to go to court. But, you need a certified copy of the death certificate of the joint tenant who died and an Affidavit signed by anyone with knowledge of the facts. You can change the title using a form called “Affidavit of Death of Joint Tenant”.

One warning of caution though, make sure you are sure this is the correct course of action for you.  If the surviving members of the family are not aware of this agreement it can cause problems.  For instance, if the will bequeathed the asset to someone else but was negated because of the Joint Tenancy.

For more information about New Jersey Probate go here