How you hold title to property affects what happens when an owner dies and whether the property goes through probate.
Common forms of co-ownership
- Joint tenancy with right of survivorship: when one owner dies, the surviving owner takes the whole property automatically.
- Tenancy in common: each owner has a share that passes through their will or intestacy.
- Tenancy by the entirety: available to married couples in some states, with added creditor protection and survivorship.
- Community property with right of survivorship in some states.
Advantages
- Avoiding probate for survivorship property.
- Simple transfer between spouses.
- In some forms, protection from one spouse's separate creditors.
Disadvantages
- Adding someone as a joint owner may be a gift with tax consequences.
- Exposes the property to the new owner's creditors and divorces.
- Can override your will and unintentionally disinherit others.
- Loses some tax benefits compared with inheriting.
Before changing title
- Understand how each form works in your state.
- Check effects on taxes and Medicaid eligibility.
- Consider alternatives such as a revocable trust or transfer-on-death deed.
- Talk to an attorney before retitling.
Frequently asked questions
Can one joint tenant sell their share?
Often yes, which may end the survivorship feature.
Does a will override joint tenancy?
Usually no, survivorship passes outside the will.