Joint tenancy with right of survivorship in Florida is one of the several primary ways to hold title to real estate. The way your home is titled carries significant implications for estate planning, making it essential to consult with your Florida estate planning attorney on this matter.
To understand this topic in a better way, in our article, we detail the pros and cons of this ownership structure.
Explaining Joint Tenants With Right Of Survivorship In Florida
It is crucial to note that in Florida, there are various methods through which real property can be jointly held.
In accordance with this state’s law, when you append the phrase “right of survivorship” to a joint tenancy, it signifies that complete ownership of the real estate is transferred to the surviving owner after the passing of the other joint owner or owners. However, it is important to comprehend that Joint Tenancy with Right of Survivorship, often referred to as JTWROS, tenants in common do not possess automatic rights of survivorship.
What this last statement implies is that if one of the tenants in common passes away, the remaining tenants maintain their existing shares of the property, while the deceased’s portion becomes part of their state. In order to alter this arrangement, tenants in common can only do so by specifying different terms in their wills.
Upsides And Downsides Of Joint Tenancy With Right Of Survivorship In Florida
Let us explain you the two most important pros and cons of this type of ownership.
1. Avoiding Probate. However, There Is A Warning To Take Into Account
When holding joint tenancy with the right of survivorship, you share ownership of your home with one or more individuals, typically involving just two people.
In this arrangement, each owner must hold an equal percentage of the property, as opposed unequal shares. Therefore, upon the death of one owner, the deceased’s stake in the property automatically transfers to the surviving joint tenant, eliminating the need for probate. For couples that are not married, for example, Joint Tenancy serves to facilitate the automatic transfer of property interests and circumvent probate. While this aspect is undoubtedly a significant advantage since probate is a process that can be time-consuming and expensive. This ownership type has a caveat to consider.
Probate avoidance applies only upon the death of the initial owner. Should the surviving owner pass away without taking further legal measures to bypass probate, the property will become subject to probate proceedings. Therefore, if the surviving joint tenant aside from grieving is significantly older, incapacitated or unaware of the impending probate process, it may be challenging to undertake additional estate planning steps.
2. Joint Responsibility… With Repercussions If Not Meticulously Thought Out
A significant aspect of Joint tenants with right of survivorship in Florida is the shared responsibility for property maintenance and obligations. Each owner bears responsibility for the asset.
In contrast, it is essential to understand that the inclusion of a tenant with right of survivorship grants them a vested interest in the property. Consequently, if the relationship encounters difficulties or, for instance, the Joint Tenant experiences a divorce or incurs debts, these issues can potentially affect your property.
We Are Here to Help You – Contact Us Now
As you might have realized, joint tenants with right of survivorship in Florida offer benefits, but there are also scenarios that must be evaluated. To do this thoroughly, you will need the help of a skilled attorney, and we can help you with that. Contact us today at (305) 921-0976, [email protected], or WhatsApp +1 (305) 921-0976 to review your options.
