Minnesota Agreement between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship
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FAQ
A severance of a joint tenancy interest in real estate by a joint tenant shall be legally effective only if (1) the instrument of severance is recorded in the office of the county recorder or the registrar of titles in the county where the real estate is situated; or (2) the instrument of severance is executed by all
There are disadvantages, primarily tax disadvantages, to either type of joint tenancy for estate planning. You might incur gift taxes when creating joint title to property. If the other owner is your spouse, there is no problem because unlimited tax free gifts can be made between spouses.
462 (Minn., 1968). Both tenancy in common and joint tenancy are still recognized in Minnesota. However, tenancy by the entirety is no longer authorized in Minnesota.
A joint survivorship agreement is one in which spouses may agree between themselves that all or part of their property, then existing or to be acquired, becomes the property of the surviving spouse on the death of a spouse.
Joint tenants and tenants in common are ways in which you can own property where there are two or more owners. As joint tenants, both parties will own the entire property. In practice, this means that while you have an equal interest, when one owner dies their share automatically passes to the surviving owner.
The term "joint tenancy" refers to a legal arrangement in which two or more people own a property together, each with equal rights and obligations. Joint tenancies can be created by married and non-married couples, friends, relatives, and business associates.