Under Vermont law, which form of co-ownership includes the right of survivorship, meaning that when one owner dies, that owner's interest automatically passes to the surviving co-owner(s)?
Correct Answer
A) Joint tenancy
Joint tenancy is the form of co-ownership characterized by the right of survivorship. Under Vermont property law, when a joint tenant dies, that tenant's interest passes automatically to the surviving joint tenant(s) by operation of law, without going through probate. The four unities (time, title, interest, and possession) must exist for a joint tenancy to be created.
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Related Topics & Key Terms
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Related Concepts
Joint tenancy is a form of co-ownership in which two or more persons hold equal, undivided interests in property with the right of survivorship. When one joint tenant dies, their interest automatically passes to the surviving joint tenants.
A leasehold estate grants the right to possess and use property for a defined period of time, without conferring ownership.
A life estate is a freehold estate that grants ownership rights for the duration of someone's life.
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