A Virginia deed conveys property to 'Kevin, Lisa, and Tom as joint tenants with right of survivorship.' Kevin later dies. What is the effect on the ownership of the property?
Correct Answer
A) Kevin's interest is absorbed by Lisa and Tom, who now each own an undivided one-half interest.
In a joint tenancy with right of survivorship, when one joint tenant dies, that tenant's interest automatically passes to the surviving joint tenants in equal shares. Kevin held a one-third interest; upon his death, that interest is divided equally between Lisa and Tom. Each survivor now holds an undivided one-half interest in the property, and no probate is required for Kevin's share.
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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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