Tag Archives: Survivorship

The Dangers of Owning Property as Joint Tenants with Full Rights of Survivorship

There are several ways in which property can be held by multiple owners.  For married couples, one of the most commonly used estates is the tenancy by the entireties.  It provides a right of survivorship that enables a surviving spouse to hold property without having to proceed with probate.  In Michigan, this estate is only available to married couples.  In some instances, parties may seek to mimic the right of survivorship contained in a tenancy by the entirety by holding property as joint tenants with a full right of survivorship.  Similar to a tenancy by the entireties, this estate cannot be unilaterally severed by the act of one of the parties, and it provides an indestructible right of survivorship to the surviving joint tenants.  This may make it appear to be a more attractive option, in some circumstances, to a tenancy in common which is the presumptive estate for unmarried individuals in Michigan.  However, parties seeking to utilize a joint tenancy with full right of survivorship should be aware of the risks that come with such an estate.

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