A Wyoming couple is purchasing a home in Casper. The husband wants to ensure that if he dies, his wife automatically inherits the home without going through probate, but he also wants each spouse to be able to independently mortgage their own share if needed. Which form of co-ownership best meets BOTH of these goals under Wyoming law?
Correct Answer
D) Joint tenancy with right of survivorship, because it provides automatic survivorship but each joint tenant can independently mortgage their share
Joint tenancy with right of survivorship satisfies the survivorship goal — the surviving spouse automatically inherits without probate. Additionally, in Wyoming, a joint tenant may independently mortgage or encumber their own interest (though doing so may sever the joint tenancy as to that interest). Joint tenancy is the ownership form that comes closest to meeting both stated goals under Wyoming law.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
A freehold estate represents ownership of real property with an indefinite duration.
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