Joint Tenant Tenancy

• Category: New York Real Estate - Disclaimers of Property Interest
• State: New York
• Control #: NY-03-03
• Format: Word; Rich Text

Description New York Joint Tenancy

This form is a Renunciation and Disclaimer of a Joint Tenant Interest where the surviving joint tenant gained an interest in the described jointly held property upon the death of the decedent, but, pursuant to the New York State Consolidated Laws, Chapter 17-B, Article 2, Part 1, has decided to disclaim his/her entire interest in the property. The disclaimer will relate back to the death of the decedent and will serve as an irrevocable refusal to accept the property. The forms also contain a state specific acknowledgment and a certificate to verify the delivery of the document.

New York Joint Tenancy with Right of Survivorship: A Comprehensive Description Keywords: New York, joint tenancy, right of survivorship, property ownership, co-ownership, inheritance, real estate, deed, tenancy by the entirety, tenancy in common. Description: New York Joint Tenancy with Right of Survivorship is a legal arrangement that allows multiple individuals to jointly own a property, with the guarantee that when one owner passes away, their share automatically transfers to the remaining surviving co-owners. This type of property ownership offers distinct advantages in terms of estate planning and avoiding probate proceedings, ensuring a smooth transfer of assets upon the death of an owner. In New York, joint tenancy with right of survivorship is commonly used for real estate properties such as homes, land, and commercial buildings. It is governed by the state's laws and regulations, specifically outlined in the New York Real Property Law. To establish a joint tenancy with right of survivorship in New York, a deed or written agreement must be executed, clearly stating the intention to create joint tenancy. The deed must include specific language, such as "as joint tenants with rights of survivorship and not as tenants in common," to clearly articulate the nature of the co-ownership. This type of property ownership offers several key features: 1. Right of Survivorship: The hallmark of joint tenancy is the right of survivorship, meaning that when one joint tenant passes away, their share automatically passes to the surviving joint tenants. This transfer of ownership occurs outside the probate process, expediting the transfer of ownership and avoiding the complications that often arise during probate. 2. Equal Shares: In joint tenancy with right of survivorship, each co-owner has an equal and undivided interest in the property. This means that each joint tenant holds an equal share of ownership, regardless of their financial contribution or time spent residing in the property. While New York generally recognizes joint tenancy with right of survivorship, it is important to note that the state also recognizes other forms of co-ownership, which may alter the rights and responsibilities of the joint tenants. These include: 1. Tenancy by the Entirety: This type of joint tenancy is available exclusively to married couples and provides additional protection to their shared property. The key distinction is that tenancy by the entirety offers protection against individual creditors of one spouse, meaning that the property cannot be attached or seized to satisfy the individual debts of one spouse. 2. Tenancy in Common: Unlike joint tenancy, where each co-owner holds an equal share, tenancy in common allows for unequal shares of property ownership. In this form of co-ownership, each owner can sell, transfer, or will their share to another party without the consent of the other owners. Upon death, the share of a tenancy in common owner does not automatically pass to other co-owners but is handled according to the owner's will or state laws of intestacy. It should be noted that while joint tenancy with right of survivorship is a convenient means of avoiding probate and easily transferring ownership, it is essential to consult with a qualified attorney or real estate professional familiar with New York laws to ensure compliance and to understand the implications of joint tenancy for your specific circumstances.

Law summary