A Nebraska licensee is advising two business partners, Lena and Marcus, who are purchasing a rental property in Hastings as an investment. Lena wants to ensure that if either partner dies, the survivor will automatically own the entire property without probate. Marcus wants to be able to leave his share to his children. Which form of co-ownership should the licensee explain would satisfy Lena's goal but NOT Marcus's goal?
Correct Answer
D) Joint tenancy with right of survivorship, because it bypasses probate for the survivor
Joint tenancy with the right of survivorship satisfies Lena's goal because, upon the death of either joint tenant, the survivor automatically owns the entire property without the deceased's interest passing through probate. However, this does NOT satisfy Marcus's goal — because of the right of survivorship, Marcus cannot leave his joint tenancy interest to his children through his will. His interest is extinguished at death and passes to the surviving joint tenant (Lena), overriding any testamentary disposition.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
Tenancy in common is a form of co-ownership in which two or more persons hold separate, undivided interests in property without the right of survivorship. Each owner can hold unequal shares and can independently transfer their interest.
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