In some community property states (notably Texas), it is now permissible for a husband and wife to partition community property to create different forms of ownership. This agreement, which contains words of grant, serves to partition community property interest and create a joint tenancy with right of survivorship as to each partys partitioned interest.
Joint tenancy with right of survivorship is a type of property ownership arrangement commonly utilized in Georgia. In this specific type of joint tenancy, if one owner passes away, their interest in the property automatically transfers to the surviving joint tenant(s). This arrangement ensures that the property does not go through probate and helps simplify the transfer of ownership. In Georgia, there are two main types of joint tenancy with right of survivorship: 1. Joint Tenancy with Right of Survivorship in Real Estate: This form of joint tenancy applies to the ownership of real property, such as land, houses, or commercial buildings. It allows multiple individuals, known as joint tenants, to hold an equal share in the property. Upon the death of one joint tenant, the deceased’s interest is automatically transferred equally to the remaining joint tenants. 2. Joint Tenancy with Right of Survivorship in Bank Accounts: This variation of joint tenancy pertains to financial accounts, including savings, checking, or investment accounts. In this case, multiple individuals are named as joint tenants, and upon the death of one joint tenant, the account balance is distributed equally among the surviving joint tenants. By utilizing joint tenancy with right of survivorship in Georgia, individuals can ensure a streamlined and efficient transfer of property or assets upon the death of a co-owner. It is important to consult an attorney or legal professional specializing in estate planning to properly establish and structure joint tenancy with right of survivorship, as there may be specific legal requirements and potential estate tax implications that need to be considered. Keywords: joint tenancy with right of survivorship, Georgia, property ownership, real estate, bank accounts, joint tenants, probate, transfer of ownership, estate planning, estate tax implications, estate attorney.
