Three friends — Isaac, Julia, and Kyle — purchase a vacation cabin in DeSoto County, Mississippi as joint tenants with right of survivorship. Kyle later conveys his interest to his revocable living trust, of which Kyle is the sole trustee and sole beneficiary. Isaac and Julia are unaware of the transfer. Under Mississippi law, what is the most likely effect of Kyle's conveyance to his revocable living trust?
Correct Answer
D) The joint tenancy is severed as to Kyle's interest, making the trust a tenant in common with Isaac and Julia
Under Mississippi property law, when Kyle conveys his interest to his revocable living trust — even one in which he is sole trustee and beneficiary — the legal title is transferred to the trust as a separate legal entity. This destroys the unity of title and the unity of time required for joint tenancy, because the trust now holds title under a different instrument and at a different time than Isaac and Julia. The joint tenancy is severed as to Kyle's share, and the trust becomes a tenant in common with Isaac and Julia. Mississippi courts generally follow the majority rule that a transfer to a revocable trust severs joint tenancy even when the grantor retains full beneficial control.
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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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