In addition, this is what will happen with your separate property: A. You may qualify for the co-tenancy exclusion if you file an affidavit with the county assessor when your brother dies. Upon the death of the parent, the property passes to the surviving joint tenant. Specific state laws will dictate the ins and outs of these concurrent ownership alternatives where you live, but here is an overview of the rights of concurrent property owners. ” Additionally, the non-owner spouse must sign a disclaimer deed which is also recorded with the proper county. 2. How retain CP statusJoint Tenants with Right of Survivorship - JTWROS: Joint tenants with right of survivorship (JTWROS) is a type of brokerage account owned by at least two people, where all tenants have an equal. The deed is then recorded, thereby severing the joint. 2d 1317, 1332; see Code Civ. Discover all you need to deal with papers in electronic format on one platform: up-to-date blanks, PDF editor, and electronic signing functionality. Category: Asset Protection, Irrevocable Trust. Even if you divided everything informally when you separated, a judge still needs to make a formal order about these issues. By the deed’s explicit declaration, no consideration is necessary or expected. Prescott & Yavapai County Probate, Boundary Disputes, Easements, Quiet Title, and Partition Lawyer - GoodmanLaw - call (928) 445-3230 now. Unity of Interest - all joint tenants hold an equal ownership interest 3. Section 11-1134 (A) (7)). Arizona. Earnings of either spouse during a marriage are community property in Arizona. In either case, 100% would have to be. For simplicity, much of the language relating to beneficiary deeds refers to a single owner. In North Carolina there are, for all practical purposes, three types of concurrent ownership: (1) Tenancy in Common, (2) Joint Tenancy with the Right of Survivorship,. Transfers of real property must be in writing and notarized. Gwen visits Edward daily to do light housekeeping, and she pays his bills and does the bookkeeping for the rental properties. Tenants in common could also be married or unmarried. In a joint tenancy, two or more people own property together, each with equal rights and responsibilities. In order to create a joint tenancy, the document. App. Property is anything you can buy or sell or has value. SUBCHAPTER A. The two parties could be a husband and wife, business partners or any other combination of people who have a reason to. The surviving owners will need to remove the deceased owner's name from the. Joint tenancy with right of survivorship (“joint tenancy” or “JTWROS”) is just one of numerous ways multiple persons can hold title to real property. S. These deeds filed at the Recorder’s Office in the county where the property is located • Joint-tenancy deeds (A. Joint Tenancy is the most common type of co-ownership title. Disposition. Tenants in common do not have to be married (or even related) to one another in. For instance, as a property owner, you can choose to own 75% of the property, while your co-owner owns the remaining 25%. First, you and your co-tenants can agree to convert the joint tenancy into a tenancy in common. Graber, 170 Colo. Many states only require a short phrase in the deed to create a joint tenancy with right of survivorship. R. A separate law called the doctrine of necessaries may obligate you to pay your spouse’s debt. Designate the vesting for the new owner (s): sole ownership, tenants in common, joint tenants, or community property. Two or more persons may hold title to real property as joint tenants with the right of survivorship. Contract of sale or granting of option to purchase, to third party, by both or all of joint tenants or tenants by entirety as severing or terminating tenancy, 39 A. 15A-145 And G. " The main advantage of holding property as joint tenants is that it allows property to pass automatically to the survivor when the other owner dies. NRS 123. R. The property remains under the umbrella of joint tenancy with the right of survivorship unless action is taken to alter the title. L. Tully Follow this and additional works at:. Court will not presume joint tenancy. Placement of Properties into Joint Tenancy by Husband Constituted a Gift of Separate Property Spouse Gifting Property Through Joint Tenancy is Not Entitled to Reimbursement Judge May Not Unequally Divide Joint Tenancy Property That Results from a Gift of Separate Property in Arizona Impact of Joint Tenancy Deeds on Community Property in Arizona separate property contributions when dividing community property in arizona; property held as joint tenants with rights of survivorship in an arizona divorce; dividing retirement accounts in an arizona divorce; arizona divorce debt; effect of placing community property into a family trust in arizona; community property lottery winnings in. This dictates that when one of. The last living owner inherits the entire property. Tenants in common have separate titles,. S. Joint Tenancy. A tenancy in common is a simple and flexible form of joint ownership, but it does require probate when an owner dies. Click on New Document and choose the file importing option: upload Joint Tenancy to Tenancy in Common Deed - Arizona from your device, the cloud, or a protected link. Sheriff’s Deed. Community property is reserved for spouses, though both joint tenancy and community property offer shared ownership of real property. If two or more people share rights to the property, things get a little bit more complicated. Create a new document called a deed transfer. This avoids court proceedings, just like the deed designation of joint tenancy. (which exists when they have an account registered as either ‘joint tenants with rights of survivorship’ or ‘joint tenants by the entirety’), each spouse is presumed to own 50% of the account. In “joint tenancy,” each owner has an equal and undivided interest in the property. The amount of tax depends on your relationship. This is the case for properties owned by family members or friends as joint tenants with rights of survivorship. The individuals, who are called joint tenants, share equal ownership of. With more wealth, lines get blurred. This form is a Warranty Deed where separate property or joint property is converted to a joint tenancy holding. 020 3370 8784 / Email Directly. Learn why you should terminate them with experienced estate planning attorneys. In order to sever the right of survivorship, a tenant must only record a new deed showing that his or her interest in the title is now held in a Tenancy-in-Common or as Community Property. Joint tenancy is sometimes called "joint tenancy with right of survivorship. If all the marital property is owned as joint tenants, then at the time of the first spouse’s death, nothing needs to happen to transfer property. The state of Arizona is a community property state. At the time of Braxton’s death, his half of the property automatically transferred to Ashley. One party may own 60% while another party owns 40%. Tenancy In Common (TIC) With tenancy in common (TIC), two or more persons hold title to real estate jointly, with equal or unequal percentages of ownership. Under §1014(b)(6) the tax basis of the entire property is stepped-up (or down). Adding a child as a joint tenant on your property also exposes them to otherwise avoidable capital gains taxes. Joint tenancy with right of survivorship (“joint tenancy” or “JTWROS”) is just one of numerous ways multiple persons can hold title to real property. This is typically between business partners, as well as married couples. It is only available in nine states currently: Arizona, California, Idaho, Louisiana,Nevada, New Mexico, Texas, Washington, and Wisconsin. 2. You are merely signing over your legal interest, if any, in the property. Murin took title to the whole property in the divorce. The male co-owner later obtained a second mortgage for $100,000 in his name alone. A single living trust involves just one individual, while a joint living trust usually involves a married couple. A property owner can record a deed retitling Wyoming real estate in the name of the owner and another person to create a joint. Community or marital property refers to all property acquired by either or both spouses during the marriage in which each spouse has an equal ownership interest in, regardless of who obtained the property, who uses the property, who paid for the property or what name a title is under. Obtain the proper form: Arizona joint tenancy deed forms can be obtained online or from a real estate attorney. Additionally, joint tenancy guarantees equal rights and ownership for all parties. If you leave a will stating otherwise, the deed overrides the terms. An alternative is transferring the property to your. 33-405. The Speier Court next considered whether a joint tenancy deed is sufficient to “transmute” the character of community property to separate property. Adam practices primarily in the areas of business and family-based immigration, trusts and estate planning, and business planning. However, like a single living trust, other beneficiaries can be designated as well. A “transmutation” is an interspousal transaction or agreement that changes the character of property as community or separate. Sec. Convey Real Property Using Deeds • See A. The title company will help construct a deed stating the owners are reverting “interest in the. Tenants in Common – This is how two or more people (co-tenants) may take title to property who intent their share in the property to be separate from the other on death. (480) 467-4325 or fill out the form below to schedule a consultation and discuss your best legal options. Ashley later sold it for $600,000. Sign it in a few clicks. A joint tenant can indeed sever the right of survivorship WITHOUT the consent of the other joint tenants. Probate isn't required – the deed itself transfers the deceased spouse's ownership interest. In estate law, joint tenancy is a special form of ownership by two or more persons of the same property. Separate property is owned by an unmarried person or owned by a person before marriage. D)Each joint tenant in a joint tenancy has an undivided, equal interest in the property. That means as a married couple, our fictional parents can gift up to $25. Swink v. R. Two. 02. Property acquired by either spouse during the course of a marriage is considered marital property. if you have no issue when you die but have surviving parents. For example, say that you have a job earning a regular salary. Hard feelings may develop if only one child’s name is included on the property deed and other children are excluded. R. See Chester H. tenants. This means that a married couple, for instance, must fill out and record two separate TOD deeds. In. Search by state or form title and save it to your device or the cloud service in minutes. At common law such a deed lacks the four-fold unities of. S. However, any money earned or assets acquired before marriage by a spouse is the separate property of that spouse. What does joint tenancy with the right of survivorship mean? Joint tenancy with the right of survivorship means that two or more people own equal interests in the. The court shall consider all of the following factors under this subsection: (1) The income, property, and liabilities of each party at the time the division of property is to become effective. Tenancy by the Entirety. If one of the joint tenants dies, their interest. S. The other children are. How you can complete the Quick claim deed with right of survivorship form on the web: To get started on the blank, utilize the Fill camp; Sign Online button or tick the preview image of the form. Baldwin could only hold property as community property. Community Property and Separate Property In Texas, spouses have separate property and community property. Arizona law specifies that a trust deed on community property is not valid unless both spouses execute and acknowledge it. In Arizona, a spouse signing over property by quitclaim generally gives up all interest in it. 12 In F. A joint tenant can indeed sever the right of survivorship WITHOUT the consent of the other joint tenants. If fractional interests are stated, they must total 100%. Description Az Deed Form Arizona. In order to sever the right of survivorship, a tenant must only record a new deed showing that his or her interest in the title is now held in a Tenancy-in-Common or as Community Property. §33-405 (statute includes a sample form) • Beneficiary deeds (A. such as a change from joint tenancy to community property. Joint Owned Property: Any property held in the name of two or more parties. Joint tenancy is a type of property ownership that allows two or more individuals to co-own property with equal shares and rights of survivorship. If interests are not stated, equal shares are. Joint tenancy. Therefore, selling or mortgaging the property will require the agreement of all joint owners. The court may impress a lien on the separate property of either party or the marital property awarded to either party in order to secure the payment of: Any interest or equity the other party has in or to the property. Upon death, the decedent’s interest passes. A. Citizen: If a spouse gifts half of an interest in real property to their spouse who is not a U. For simplicity, much of the language relating to beneficiary deeds refers to a single owner. The. That means, even if you contributed more to the property than your housing partner. acquire property as joint tenants, is the joint tenancy deed alone sufficient to transmute the community character of the property into the separate property of the spouses? Family Code section 852 provides that for property acquired on or after January 1, 1985, a transmutation “is not valid unless made in writing byJoint Tenancy Means Equal Shares. Disadvantages of joint tenancy. Property Assessment Themis. It shares many of the characteristics of community property but adds the benefit of the right of survivorship similar to title held in joint tenancy. If either spouse dies, the surviving spouse inherits full ownership of tenants by entireties assets. ’Plaintiff avers by the same. 1990). In order to sever the right of survivorship, a tenant must only record a new deed showing that his or her interest in the title is now held in a Tenancy-in-Common or as Community Property. Order our professionally drafted forms for all your needs, including warranty deeds, quitclaim deeds, special warranty deeds and others. Warranty Deeds. A deed of gift. joint tenancy, and. In Arizona, married couples are required to divide property upon divorce. Upon the death of one tenant in common, his or her ownership interest passes to his or her heirs as part of the estate. S. Learn how joint tenancy with right of survivorship works in Arizona, and how the state views real property owned by multiple people. A transfer solely in order to provide or release security for a debt or obligation, including a trustee’s deed pursuantBackground. In order to sever the right of survivorship, a tenant must only record a new deed showing that his or her interest in the title is now held in a Tenancy-in-Common or as Community Property. R&T 11911” OR “It is the Property acquired during the relationship, but before the legal marriage, remains a separate asset. Click on the New Document option above, then drag and drop the document to the upload area,. A gift or inheritance to a married person is separate property. Each joint owner has an undivided right to possess the whole property and a proportionate right of equal ownership interest. People or parties that wish to own property together as joint tenants can do so by including the following words in the deed after their names: “as joint tenants with rights of survivorship, and not as tenants in common. Any real or personal property acquired by either spouse during the marriage becomes community property. Smith, Real Property Survey, page 114, West Publishing, 1956. Tenants in common, like joint tenants, share the right to possess, sell, and encumber the property. (c) A party shall be reimbursed for the party's separate property contributions to the acquisition of property of the other spouse's separate property estate during the marriage, unless there has been a transmutation in writing pursuant to Chapter 5 (commencing with Section 850) of Part 2 of Division 4, or a written waiver of the right to. 2. In Arizona’s version,. In Arizona, the most common type of deed is a Warranty Deed. 00 equity that remains, $100,000. But everyone receives a lifetime higher estate and gift tax exemption of $12. Thorsteinson executed a deed of gift which transferred farmland into joint tenancy with Mr. Arizona adopted a new form of title called. Beneficiary deeds; recording; definitions. The home is now worth $300,000. By bringing a co-owner onto the deed, you relinquish a part of that control. State probate law determines whether property passes without probate. Tenancy in common. A quit claim deed transfers your property interest to another person or legal entity. Murin cites the Arizona Supreme Court opinion in Rundle v. In Arizona, all property acquired by a couple after marriage is presumed to be community property. spouse signing a quitclaim deed to the property. by gift, or as an individual heir or devisee of a deceased. There are three major forms of joint property ownership (or "concurrent ownership"): tenancy in common. R. Perhaps the most significant disadvantage of joint tenancy relates to creditors. When a joint tenant dies, title to the property is automatically conveyed by operation of law to the surviving joint tenant(s). Unity of time - all joint tenants acquire their interest at the same time 4. The disclaimer further states that the Grantor will no longer claim any rights in the property sold to. The Long Answer. Your manner of holding does not have to be 50-50, and tenants-in-common can have unequal shares. For example, if you own a 50% interest as a tenant in common, the beneficiary named in your beneficiary deed becomes a 50% owner on your death. R. Person A pays $75,000 and Person B pays $25,000. — If a party alleging that property held in joint tenancy was meant to be separate, to prevail there must be either a clear designation of that intent, or enough evidence to overcome the presumption of community property. the other hand, the essence of a joint tenancy was the existence of. Under a Joint Tenancy the co-owners are effectively the full owners and own equal undivided shares in the property. A substantially unequal division of real property held in joint tenancy can only be agreed upon by the parties. Joint Tenancy can negatively impact your estate planning. A spouse's real and personal property that is owned by that spouse before marriage and that is acquired by that spouse during the marriage by gift, devise or descent, and the increase, rents, issues and profits of that property, is the separate property of that spouse. Instead, the divorce serves to change the joint tenancy title to tenancy in common so the surviving ex-spouse owns half the house, and the deceased spouse's heirs. Arizona offers two ways to accomplish this: a quit claim deed or a warranty deed. First, the Siberell Court stated that “from the very nature of the estate, as between husband and wife, a community estate and a joint tenancy cannot exist at the same time in the same property. )This is required only of individual estates that exceed a gross asset and prior taxable gift value of $12. . SUBTITLE B. Separate property includes all property that a spouse obtained before marriage, through inheritance, or as a gift. Arizona is one of the nine traditional community property states. 3d 1198. Tenancy by the Entirety. Streng 13 Community Property. When you add your spouse to the deed, however, the spousal basis is still what you paid for the property. Both halves of community property are entitled to “stepped up” tax basis as of the date of death of spouse. The Components of a Gift Deed. Deciding on the best way to hold title in California can be complicated on account of the many factors that must be taken into consideration. You may unintentionally create a taxable profit for your heir. §33-405) transfer property upon death. 11 Upon the death of one joint tenant, the entire estate remains to the others. As joint tenants each of the co-owners have an equal right to possession of the entire property and one co-owner cannot sell, mortgage or otherwise. A joint tenant may sever a joint tenancy by conveying the property to himself or herself as a tenant in common without the need for an intermediary strawman. In a warranty deed, the grantor promises to pay for any lawsuits or damages due to undisclosed ownership. Sarah, for example, could have a 40%. If two or more people share rights to the property, things get a little bit more complicated. Sunwest Bank (In re Fingado), 113 Bankr. Tax Problems. result of commingling community and separate property in arizona; increased value of a business in an arizona divorce; gift of separate property through a joint tenancy deed in arizona; abandonment of marriage and community property rights in arizona; are profits from a separate business community or separate property; tracing separate property. 37, 38, 155 N. Possession: Each owner has the same exact right of possession. With a joint tenancy, each joint tenant’s interest must be created by the same instrument, each interest must be equal, and each tenant must have the same rights and obligations respecting the property. A certified copy of Jan’s death certificate. Edward is disabled and has two adult daughters, Gwen and Stacy. 546 (2005). 1465. B) Joint tenancy with right of survivorship (JTWROS), tenancy by. In a divorce, the separate property belongs to the spouse holding title, while community property belongs to both spouses. “This conveyance changes the manner in which title is held, grantor(s) and grantee(s) remain. Because joint tenancy has long required that the joint tenants’ interests are identical, and acquired at the same time. Gift deeds in Arizona are exempt from two requirements associated with other title transfers: the real estate transfer fee and the affidavit of property/legal value (A. S. No one owner owns “more” of the property. Upon an owner's death, that owner's. We explain each of these deed types in detail below. It shares many of the characteristics of community property but adds the benefit of the right of survivorship similar to title held in joint tenancy. Maricopa Arizona Warranty Deed for Separate or Joint Property to Joint Tenancy Obtain a document from the US Legal Forms catalogue and avoid paper chaos or lost time with outdated templates. ), who outlive you (whether they are grown or not) then half of your separate property probate assets will go to your spouse and the other half to your issue; B. N. Your effective gift deed must have several traits and components: It is created to make an immediate transfer of the owner’s interest in the property, and an actual delivery of the property. Couples and business partners can take title to each other's bank accounts. Marital property includes: Real property you and your spouse bought during the marriage, except for any contributions of your separate property you may have made to such property, like paying part or all of the down payment with separate property funds; Personal property, like cars, boats, airplanes, furniture, and artwork you and your. Gather all necessary information: You will need the names and addresses of all joint tenants, as well as a legal description of the property. In other cases, however, the judge may decide to award one spouse a greater percentage of the marital. Black’s Law Dictionary (8th Ed. Ashley and Braxton, a married couple, purchase a home as joint tenants with right of survivorship for $200,000. 01. 1991) 940 F. A joint tenant can indeed sever the right of survivorship WITHOUT the consent of the other joint tenants. Use of word "joint" or "jointly" in provision of deed other than the granting or habendum clause as indicating intent to create a joint tenancy rather than one in common between the grantees, 157 A. 820). c. A type of ownership of real or Personal Property by two or more persons in which each owns an undivided interest in the whole. Joint tenancy with rights of survivorship gives everyone equal ownership rights that automatically pass on to survivors in the event of an owner’s death. These deeds filed. A5. Of course, if the title or deed to a piece of property is put in the names of both spouses, however, then that property would belong to both spouses. The. 2d 1172. GENERAL RULES FOR SEPARATE AND COMMUNITY PROPERTY. § 12-1103, subsection B. . In Arizona, community property law presumes. Affidavit of Property Value – *Required for every deed or transfer of ownership (*except for property that is transferred through quitclaim for no monetary exchange or for a nominal amount. For Arizona the primary methods for holding title in co-ownership are tenancy in common, joint. Rather, the court will divide property between spouses in a way that it considers fair. m. A joint tenancy can be created only by the intentional act conveying a deed or giving the property by Will, not implied or created by operation of law. Joint tenancy is when each owner has equal shares in the property. These can be very technical issues. Much like the accidental misspelling of quitclaim as quick claim, a quitclaim deed document is a fast way to transfer real estate title from one owner to. S. The creation of a joint tenancy has important legal consequences. Find all you need to handle records electronically on one platform: up-to-date blanks, PDF editor, and eSigning features. 3. transmuted into separate property. Compare title types and learn about the advantages and disadvantages of tenants in common, joint tenancy, community property, community property with right of survivorship and sole ownership. The heirs at law or devisees of the deceased joint tenant take no interest in the property through him, because only the last surviving joint tenant has an estate ofDiscover Pennsylvania Warranty Deed for Separate or Joint Property to Joint Tenancy templates made by professional lawyers and avoid the costly and time-consuming process of looking for an lawyer or attorney and then paying them to draft a document for you that you can easily find on your own. An equitable division of marital property is not always an equal division. Decision. 1945 secs. B) JOINT TENANCY Where there is a joint tenancy, all of the co-owners or “joint tenants” are said to own the entire property as one, with no distinct shares. 9 Code §2040 requires complete inclusion of JTWROS property in the gross estate of joint tenant – except for such portion as is contributed by the other joint tenant. "Half" relatives inherit as if they were "whole. The deed is signed by the grantor (giver). If you die first, after a long marriage, and your spouse sells that $100,000 house for $750,000, their capital gains totaled $650,000, and they must pay capital gains tax on $400,000. He is, however, first to admit that the team around him run the show, and he’s incredibly proud of each and every one of them. After completing the deed, it is recorded in the local registry of deeds. Simply put, a beneficiary deed allows a real property owner to execute a deed that transfers the title to the property to a beneficiary upon the death of the grantor. B)Tenancy by the entirety is a special form of joint tenancy only available to residents of Louisiana. The person or entity making the gift. Draw your signature, type it, upload its image, or use your mobile device as a signature pad. Selected as best answer. Learn why you should terminate them with experienced. 3. PROPERTY RIGHTS AND LIABILITIES. The terms of either a joint tenancy or tenancy in common are outlined in the deed, title, or other legally binding property ownership document. Probate Attorney in Oro Valley, AZ. Community Property With A Right Of Survivorship. Beneficiary deeds; recording; definitions. E. Arizona Revised Statutes Title 33. A husband’s after-the-fact testimony that he never intended a gift is insufficient and not clear and convincing evidence. tenancy by the entirety. Codes. Joint tenancy creates what is referred to as a right of survivorship, so when one owner dies, their interest in the property is automatically transferred to the surviving owner. Transferring or Adding Someone to the Title of a House in Arizona. 9. Strong presumption that property acquired by married couple* is community. property that one spouse owned before the marriage. 3. It also includes any property that is traceable to separate property, and any property that the spouses agree is separate property. S. Property § 33-405. I f the properties are community, then the entirety of the Braces ’ interests in the properties becomes part of husband’s bankruptcy estate. ) “A joint tenancy is an estate held by two or more persons jointly, each having an equal right to its enjoyment during his or her life. The Coon Creek Property. (3) The duration of the marriage and the age and physical and mental health of both parties. ( In re Reed (9th Cir. . Deed of Trust. 1990). Joint tenants with right of survivorship is a legal status that determines how property is transferred after one homeowner dies. Joint tenancy property passes outside of probate, however, it may be severed so that the property becomes part of one person's estate and passes to that person's heirs. If the couple divorces or obtains a legal separation, all of the community property is divided evenly (50/50). In rather sweeping terms, for two reasons, the Siberell Court declined to extend Dunn’s rule to joint tenancy deeds in the context of divorce. Property can be owned and managed by both owners by use of trusts. Probate is not avoided when the last owner dies. When real property is owned by multiple people, property law refers to it as a concurrent estate. M. ” (“Tenants in common” is the other main way to hold property jointly in South Carolina, and there is also a third. If this instrument establishes the real estate as one spouse’s separate property, such as a. Order the property sold and the proceeds divided between the parties, or. Joint tenancy is appropriate only when each joint tenant (in theory, there can be any number) owns the same percentage of the property. With these. a deed or will) (4) Unity of interest. You will also need to include the grantee’s name. Sole And Separate Property In New Mexico, property can be owned as separate property, community property, in joint tenancy, or as tenancy in common. In a community property state — let’s say California — your ownership rights are automatic for a house acquired during your marriage. If the joint tenancy was with your spouse, however, an exception applies: spouses never pay inheritance tax. This ownership structure is specifically for married couples. Each owner can have a trust that owns a one-half interest in the property as a tenant in common with the other half owner’s trust. Simply put, if you are unmarried, everything that you own is separate property, according to Arizona inheritance laws. 12. But everyone receives a lifetime higher estate and gift tax exemption of $12. Sign it in a few clicks. S. Arizona courts presume a gift when a spouse places separate real property in joint tenancy with the other spouse. A gift deed, or deed of gift, is a legal document voluntarily transferring title to real property from one party (the grantor or donor) to another (the grantee or donee), typically between family members or. The concept of a tenancy by the entirety is one of ancient common law origin; it has been described as a form of concurrent ownership that may exist only between coowners who are husband and wife. It is commonly used to ensure that surviving parties can keep the property if they are a joint owner and the other owner becomes deceased. A)Joint tenancies may only be established between spouses. But the idea of separate property isn’t that simple, as it is divided into. as tenant in common with Bob's heirs. A co-tenant cannot sell or transfer the other co-tenants' interests in the property. Transfer to a living trust. The individuals, who are called joint tenants, share equal ownership of the property and have the equal, undivided. The advantage of joint tenancy is that upon death of one of the joint tenants, their interest is transferred outside probate to the surviving joint tenant(s). All four unities must exist. But when you’re taxed, you can deduct the cost basis (a measure of how much you invested in it). D. However, exemption code A7 could also apply. L.