Carol and David are married Iowa residents who purchase a home together. They take title as 'Carol and David, husband and wife, as joint tenants.' David dies, leaving a will that devises all his property to his adult son from a prior marriage. What is the result under Iowa law?
Correct Answer
B) David's interest passes to Carol by right of survivorship, and the son receives nothing from this property.
When property is held in joint tenancy, the right of survivorship operates automatically at the moment of a joint tenant's death, by operation of law. David's interest passes immediately to Carol as the surviving joint tenant, regardless of what David's will states. A will cannot override the right of survivorship in a joint tenancy because the interest never becomes part of the decedent's probate estate — it transfers outside of probate the instant death occurs. Therefore, David's son receives nothing from this property.
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Related Topics & Key Terms
Key Terms:
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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