Gunnar and his wife Helga own their home in Bismarck, North Dakota. Gunnar passes away, and his will leaves all of his property to his adult son from a prior relationship. Gunnar and Helga held title as joint tenants with right of survivorship. What is the outcome regarding ownership of the Bismarck home?
Correct Answer
B) The home passes entirely to Helga by operation of law due to the right of survivorship in joint tenancy.
In North Dakota, joint tenancy with right of survivorship operates by law: when one joint tenant dies, the deceased's interest immediately and automatically vests in the surviving joint tenant(s). This transfer occurs outside of probate and cannot be defeated by a will. Therefore, Gunnar's will has no effect on the jointly held property — Helga becomes the sole owner of the Bismarck home by operation of law upon Gunnar's death.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
In a cooperative (co-op), the building is owned by a corporation, and residents purchase shares of stock in the corporation that entitle them to a proprietary lease on a specific unit. Residents are shareholders, not property owners.
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