What is Joint Tenancy with Rights of Survivorship?
Joint tenancy is a form of property ownership where two or more individuals hold title to real estate together.
What makes joint tenancy unique is the right of survivorship, which means that when one joint tenant passes away, their ownership interest automatically transfers to the surviving joint tenant(s) without going through probate.
Requirements for Creating Joint Tenancy in Illinois
Under Illinois law, to establish joint tenancy, the following four unities must be met:
1. Unity of Time – All joint tenants must acquire their interest in the property at the same time.
2. Unity of Title – The interest must be acquired through the same deed or legal document.
3. Unity of Interest – Each joint tenant must have an equal ownership interest in the property.
4. Unity of Possession – All joint tenants have equal rights to possess and use the entire property.
Additionally, Illinois law requires that the intention to create a joint tenancy must be explicitly stated in the deed. If the deed does not specify “as joint tenants with rights of survivorship” or similar language, the default ownership structure is tenancy in common, which does not include survivorship rights.
Benefits of Joint Tenancy
• Avoidance of Probate – Since ownership transfers automatically upon death, probate court involvement is not necessary, simplifying the inheritance process.
• Equal Ownership Rights – Each joint tenant has an equal share, which can help ensure fairness among co-owners.
• Ease of Transfer – Upon the death of a joint tenant, the remaining owners automatically receive the decedent’s share.
Limitations and Considerations
• Loss of Control Over Ownership – A joint tenant cannot leave their share to a beneficiary in a will since survivorship rights take precedence.
• Exposure to Co-Owner’s Liabilities – Creditors of a joint tenant may place liens on the property to satisfy debts.
• Severance of Joint Tenancy – If one joint tenant sells or transfers their interest, the joint tenancy is broken, and the new owner holds their share as a tenant in common.
Consult an Illinois Real Estate Attorney
Understanding joint tenancy and its implications is crucial when acquiring or managing real estate in Illinois. If you are considering taking title as joint tenants with rights of survivorship or need assistance with property ownership matters, consulting an experienced Illinois real estate attorney can help protect your interests.
For more information or legal assistance, contact [Your Law Firm Name] today to schedule a consultation.