Marcus and Diane purchase a home in Jackson, Mississippi as tenants in common. Marcus owns a 60% interest and Diane owns a 40% interest. Marcus dies without a will. Under Mississippi law, what happens to Marcus's 60% interest?
Correct Answer
B) It passes to Marcus's heirs according to Mississippi intestacy laws
In a tenancy in common, each co-owner holds a separate, divisible interest with no right of survivorship. When Marcus dies without a will, his 60% interest passes to his heirs under Mississippi's intestate succession statutes (Miss. Code Ann. §91-1-1 et seq.), not to Diane. Diane retains her 40% interest, and Marcus's heirs become tenants in common with Diane.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A life estate is a freehold estate that grants ownership rights for the duration of someone's life.
Real property is immovable land and anything permanently attached to it, while personal property (also called chattels) is movable.
Tenancy by the entirety is a form of co-ownership available only to married couples that includes the right of survivorship and protection from individual creditors. Neither spouse can unilaterally sell or encumber the property.
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