Priya and her brother Raj purchase a vacation cabin near McCall, Idaho as co-owners. They are not married. They want each owner's share to pass automatically to the survivor upon death without going through probate. Which form of ownership should they select?
Correct Answer
B) Joint tenancy
Joint tenancy includes a right of survivorship, meaning that when one joint tenant dies, their interest automatically passes to the surviving joint tenant(s) without going through probate. Joint tenancy is available to any co-owners in Idaho, married or not, as long as the four unities (time, title, interest, and possession) are met.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A freehold estate conveys ownership rights, while a leasehold estate grants the right to possess and use property for a specific period without ownership.
Riparian rights concern properties bordering flowing bodies of water (rivers, streams), while littoral rights concern properties bordering non-flowing bodies of water (lakes, oceans).
The bundle of rights describes the rights associated with property ownership, allowing owners to use, control, enjoy, exclude others from, and dispose of the property.
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