Ways to Hold Title
Joint Tenants With Rights of Survivorship (JTROS) means the ownership interests are equal, and when one co-tenant dies, title automatically vests in the surviving co-tenant(s). Although JTROS is popular for married couples, it’s not limited to husband and wife. However, if the grantees are husband and wife and their names are followed by the words “as joint tenants with rights of survivorship, and not as tenants in common,” the law specifically provides that the survivorship aspect is automatically severed by a divorce, meaning that they are considered co-tenants without survivorship benefits. If title is held as Tenants in Common With a Right of Survivorship (TICWROS) or includes a statement to the effect of “jointly and upon the death of either of them, the title vests to the survivor of them,” then title is indestructible. In other words, the divorce does not destroy the survivorship tenancy, and no co-tenant can convey his or her ownership interest to a third party without the other owners’ express consent. How title is held is complex. It would be wise for you to consult an estate planning attorney during or after the purchase process to ensure that you are holding title in a manner suitable to your circumstances and desires and that the property will pass to your loved ones the way you want it to upon your death.
Title to real property is conveyed by way of a deed. Title can be held in various ways — as Individually, Tenants in Common, Joint Tenants
With Right of Survivorship, or Tenants in Common With a Right of Survivorship. But what are the differences? The subtle
differences can have a significant impact on you when you want to sell or if you co-own the property with someone else when you pass away.
Holding title Individually speaks for itself — you own 100 percent of the property rights. If you hold the title as Tenants in Common, it means two or more owners each possess a percentage of ownership interests in the entire property. The percentages of ownership interests don’t have to be equal, but each owner has the right to convey his or her ownership interest to someone else without the consent of the other co-tenant(s). Each co-tenant’s interest is assignable, inheritable, and devisable, so the co-tenants can change over time. But if there are creditors who get a judgment against one owner, it can detrimentally affect interests of the other owners.
LEARNING
LEGALESE
Ingredients SummerGrilled
Halibut Inspired by Bon Appetit magazine.
Estate With respect to real property, or land, “estate” is the degree, quantity, nature, and extent of the ownership interest a person has in that property. In the context of estate planning or probate administration, the total property a person owns, real and personal, at the time of death is his or her “estate,” which passes to others pursuant to a Last Will and Testament or under the laws of intestacy.
• 2 pounds mixed tomatoes, sliced • 1/2 cup hearts of palm, drained • Basil leaves, for garnish • Kosher salt and black pepper, to taste 4. In a mixing bowl, combine tomatoes, hearts of palm, juice from lemon, and oil. Season with salt and pepper. 5. Garnish salad with basil. Spoon salad over grilled halibut. Serve.
• 4 boneless, skinless halibut fillets, about 5 ounces each • 1/4 cup olive oil, plus extra for drizzling • 1 lemon
Directions
1. Lightly oil grill grates and heat grill to medium. 2. Grate 1 teaspoon lemon zest onto halibut fillets. Drizzle with olive oil and season with salt and pepper. 3. Grill halibut, turning just once, for about 5 minutes on each side.
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