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The dangers of joint tenancy include the following: Danger #1: Only delays probate. Danger #2: Probate when both owners die together. Danger #3: Unintentional disinheriting. Danger #4: Gift taxes. Danger #5: Loss of income tax benefits. Danger #6: Right to sell or encumber. Danger #7: Financial problems.
For this reason, Illinois law requires that co-owners of property make a decision about how the title of the property is held. In Illinois, a title can be held in three ways: tenancy by the entirety, tenants in common, or joint tenants with the right of survivorship.
A transfer on death deed can be a very helpful planning tool when designing an estate plan. Indiana is one of many states that allows the transfer of real property by a transfer on death deed.
Tenancy in common is the most prevailing form of concurrent ownership of real property used by unmarried people. In a tenancy in common, two or more people own the same parcel of land in undivided interests which may be equal or unequal in size.
In Indiana, joint tenants can own real property jointly as tenants in common or as joint tenants with right of survivorship. Residents can also own certain personal property jointly as tenants in common or as joint tenants with right of survivorship.
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Tenancy in common is used when property is held by two or more persons and, upon death, each owners interest passes to his heirs or devisees. Joint tenancy with right of survivorship is used when property is held by two or more persons and, upon death, each owners interest automatically passes to the other co-owners.
When two or more people own a home, either as a joint tenancy or tenancy in common, each person owns a share of the entire property. This means that specific areas of the house are not owned by one individual, but instead, are shared as a whole.
Tenancy by the entirety is a form of property ownership reserved only for married couples. Each spouse has a legal right to an equal portion of the property provided they were married at the time title was received in both their names.
Spouses in Indiana Inheritance Law In this case, the spouse receives half of the decedents personal property and one-quarter of his or her real property, although any monetary claims against the real estate will need to be subtracted, according to Indiana inheritance laws.
Elements Of Tenancy By Entirety Ownership Unity of marriage: The couple must be legally married. In some states, they can also be domestic partners. Unity of title: The couple must get the title by the same deed. Unity of interest: The couple must have equal interest in the property.

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