Question

John is a co owner of a property with two of his siblings. They wanted to hold the property in a way that they cannot will their share and with the rights of a survivorship. How can they hold the property?

Answer 1

John and his siblings can hold the property as joint tenants with rights of survivorship to ensure that none can will their share and that the ownership interest automatically passes to the survivors upon death.

Step-by-step explanation:

John and his siblings can hold their co-owned property in a manner that restricts the ability to bequeath their share by owning the property as joint tenants with rights of survivorship (JTWROS). This form of property title enables the ownership interest of a deceased tenant to automatically pass to the remaining co-owners without being affected by the deceased's will or by the state's intestacy laws, which handle asset distribution when someone dies without a will. Furthermore, JTWROS provides that all owners have an equal share of the property. It is an attractive estate planning tool, ensuring a seamless transfer of property interest upon death.