What is the difference between Joint Tenants and Tenants in Common?
KL: If you own the property as a joint tenant, usually with a spouse, then when either of you pass, the other owner takes full ownership. You also cannot leave your half of the property to someone else. A tenant in common own a specific share of the property (example 50/50). Ownership does not automatically transfer to the other owner when one of them passes. As a tenant in common, you can include in your Will, your ownership in the property and give to someone else. This is very important in managing your assets and estate planning. See a lawyer to determine what is right for you.