Patricia owns a commercial building in downtown Fort Smith, Arkansas, as her sole and separate property. She wants to add her business partner, Greg, as a co-owner but ensure that if either of them dies, the survivor inherits the other's share without probate. Which deed language would best accomplish this goal under Arkansas law?
Correct Answer
B) Conveying the property to 'Patricia and Greg as joint tenants with right of survivorship'
To achieve the right of survivorship in Arkansas, the deed must expressly create a joint tenancy with right of survivorship. Arkansas requires this language to be explicit in the deed; a general conveyance to two parties defaults to tenancy in common. By conveying the property to 'Patricia and Greg as joint tenants with right of survivorship,' the survivor will automatically inherit the other's interest upon death, bypassing probate. This is the correct and recognized form under Ark. Code Ann. § 18-12-603.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Community property is a system where property acquired during a marriage is owned equally by both spouses.
A freehold estate represents ownership of real property with an indefinite duration.
Joint tenancy is a form of co-ownership in which two or more persons hold equal, undivided interests in property with the right of survivorship. When one joint tenant dies, their interest automatically passes to the surviving joint tenants.
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