Tenancy in Common

A property ownership arrangement in which each owner is regarded by the law as owning a separate and distinct share of the same property. Each owner is known as a tenant in common. Tenancy in common owners own a percentage of an undivided property. This form of ownership typically occurs when co-owners are not married, or when they have contributed different amounts to the purchase of the property. Tenants in common have no right of survivorship; if one tenant dies, their interest will pass by under their estate planning documents or the state’s law of intestate succession. Tenants in common may sell or otherwise deal with the interest in the property during their lifetimes, like any other property interest, unless there is an express agreement between the tenants in common prohibiting such actions.

Estate Planning Blog

Get useful estate planning insights about wills, trusts, elder law, special needs planning, and more from the estate planning attorneys at TuckerAllen.

Read More

Reference: Tenancy in Common