User:Peculiar Investor/Joint tenancy

Joint tenancy is often used for estate planning purposes so that assets transfer without the need to probate a will. There are advantages and disadvantages of using this structure. There are two basic types of joint ownership: tenancy-in-common and joint tenancy with right of survivorship (JTWROS). The latter is not recognized in Quebec.

Tenants-in-common share a specified portion, equal or unequal, of ownership rights in assets. Upon the death of a tenant-in-common, their portion forms part of their estate to be distributed under their will or on intestacy.

In a JTWROS, two or more people each own an undivided interest in the whole asset. Joint tenants share equal ownership and have equal rights to keep or dispose of the property. On the death of a joint owner, the assets go to the surviving joint tenant or tenants, not to the deceased joint owner’s estate.