Three friends — Carol, James, and Priya — purchase a vacation home in Bar Harbor, Maine as tenants in common. Carol owns a 50% interest, James owns 30%, and Priya owns 20%. If Carol dies, how is her interest distributed?
Correct Answer
B) Carol's 50% interest passes according to her will or Maine intestacy law if she has no will
Unlike joint tenancy, tenancy in common has no right of survivorship. Each tenant in common holds a distinct, undivided interest that is freely transferable and passes through their estate upon death. Carol's 50% interest will be distributed according to her will, or if she died without a will, according to Maine's intestacy statutes under 18-C M.R.S. § 2-101 et seq. James and Priya retain their respective interests unchanged.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
Community property is a form of ownership recognized in certain states where property acquired during marriage is considered equally owned by both spouses, regardless of who earned the money or whose name is on the title.
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