Four siblings — Anna, Ben, Clara, and David — own a shoreland property on a great pond in Maine as joint tenants. Ben conveys his interest to a trust he controls. Later, Anna dies. Which of the following correctly describes the ownership structure after Anna's death?
Correct Answer
D) The trust holds a one-quarter interest as tenant in common; Clara and David hold the remaining three-quarters as joint tenants, and Anna's share passed equally to Clara and David by survivorship
This question tests two sequential events. First, when Ben conveyed his interest to his trust, he severed the joint tenancy as to his one-quarter share. The trust now holds a one-quarter interest as tenant in common, while Anna, Clara, and David continue to hold the remaining three-quarters as joint tenants among themselves — the joint tenancy among the remaining three is not destroyed. Second, when Anna dies, the right of survivorship operates among the remaining joint tenants (Clara and David). Anna's three-quarter joint tenancy share (actually her one-third of the three-quarter joint tenancy block, i.e., one-quarter of the whole) passes automatically to Clara and David by survivorship, giving them each one-quarter of the whole, for a combined three-quarters. The trust retains its one-quarter tenancy in common interest unchanged.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
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.
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