2 unmarried buyers want the survivor to take the whole property automatically if one of them dies. Where state law recognizes it and the deed validly creates it, which co-ownership form supplies the requested survivorship right?
Correct Answer
A) Joint tenancy with survivorship, which passes outside of probate
Joint tenancy with right of survivorship passes the deceased interest to the surviving joint tenant by operation of law, outside probate. Other choices: tenancy in common leaves each 50% share to pass under a will or by intestacy, which is the opposite of what they asked for; a life estate creates a possessory interest for life and does not transfer ownership as they intend; and putting the property in 1 name makes the other a beneficiary rather than an owner. Source: Forms of co-ownership and survivorship
Why This Is the Correct Answer
Joint tenancy with right of survivorship passes the deceased interest to the surviving joint tenant by operation of law, outside probate. Other choices: tenancy in common leaves each 50% share to pass under a will or by intestacy, which is the opposite of what they asked for; a life estate creates a possessory interest for life and does not transfer ownership as they intend; and putting the property in 1 name makes the other a beneficiary rather than an owner. Source: Forms of co-ownership and survivorship
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