Patricia and her brother Kevin own a vacation cottage in Connecticut as joint tenants. Kevin passes away and leaves a will directing that his share of the cottage be given to his daughter. What happens to Kevin's interest in the cottage?
Correct Answer
C) Kevin's interest automatically passes to Patricia by right of survivorship
In a joint tenancy, the right of survivorship is the defining characteristic. When a joint tenant dies, their interest automatically and immediately passes to the surviving joint tenant(s) by operation of law, regardless of what the deceased's will states. Kevin's will has no effect on the jointly held property; Patricia becomes the sole owner.
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Related Topics & Key Terms
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Related Concepts
Condominium ownership involves owning a unit of airspace within a multi-unit building plus an undivided interest in the common elements shared with other unit owners. Each unit is separately taxed and financed.
In a cooperative (co-op), the building is owned by a corporation, and residents purchase shares of stock in the corporation that entitle them to a proprietary lease on a specific unit. Residents are shareholders, not property owners.
Fee simple absolute is the highest and most complete form of property ownership, giving the owner unrestricted rights to use, possess, enjoy, and dispose of the property. It is of unlimited duration and fully inheritable.
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