A Connecticut licensee is advising a client who wants to purchase a property with a business partner and ensure that neither owner can pass their interest to heirs upon death. Which form of ownership should the licensee recommend?
Correct Answer
C) Joint tenancy, because it includes the right of survivorship that prevents interests from passing to heirs
Joint tenancy includes the right of survivorship, which means that when one joint tenant dies, their interest automatically passes to the surviving joint tenant(s) rather than to the deceased's heirs or estate. This is exactly what the client wants — to ensure the surviving business partner receives the deceased partner's share without it going to heirs. Connecticut recognizes joint tenancy with survivorship rights.
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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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