Nebraska Agreement between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship
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How to fill out Agreement Between Unmarried Individuals To Purchase And Hold Residence As Joint Tenants With Right Of Survivorship?
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FAQ
Tenancy in common If you hold the property as tenants in common this means that each owner has a distinct share in the property. In the absence of any statement to the contrary, it is presumed you hold in equal shares.
In Nebraska, this form of joint ownership is available: Joint tenancy. Property owned in joint tenancy automatically passes to the surviving owners when one owner dies. No probate is necessary.
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.
Joint tenants means that both owners own the whole of the property and have equal rights to the property. If one owner dies the property will pass to the remaining owner. You cannot give the property to anyone else in your will.
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.
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.