Victor and Wendy are unmarried co-buyers of a Nashville home. They want to ensure that if either of them dies, the survivor automatically inherits the deceased's share without going through probate. They also want to be able to sell their individual interests without the other's consent. Which form of ownership best meets BOTH of their requirements under Tennessee law?
Correct Answer
B) Joint tenancy with right of survivorship, because it provides survivorship but allows individual interest transfers that sever the tenancy
Joint tenancy with right of survivorship in Tennessee satisfies both requirements. First, it provides automatic survivorship — if either Victor or Wendy dies, the survivor inherits the deceased's share without probate. Second, each joint tenant CAN unilaterally sell or convey their individual interest (though doing so severs the joint tenancy and converts the remaining ownership to tenancy in common). This meets their stated desire to be able to sell individually. Note: the ability to sell individually comes at the cost of losing survivorship rights upon severance, but the question asks which form best meets both requirements as stated.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
Fee simple absolute is the highest and most complete form of property ownership, giving the owner unrestricted rights to use, possess, enjoy, and dispose of the property. It is of unlimited duration and fully inheritable.
Community property is a system where property acquired during a marriage is owned equally by both spouses.
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