Differences Between Joint Tenancies

In Indiana, joint tenants can own real estate jointly as renters in common or as joint tenants with right of survivorship. Residents can likewise own particular personal effects collectively as renters in common or as joint renters with right of survivorship. For example, two individuals can own their checking account collectively as joint renters with survivorship rights or as occupants in common.

According to the Indiana Code, there is a legal anticipation that wed partners own personal property together as joint tenants with survivorship rights, unless specifically mentioned. However, for single individuals, the Indiana Code presumes they own their property as renters in typical and not as joint renters with survivorship rights. To get rid of the presumption, wed partners need to particularly specify their intent in writing that they want to hold their property as occupants in common without right of survivorship. Similarly, unmarried spouses need to mention they desire to hold their property together as joint tenants with right of survivorship and not as occupants in common to conquer the legal presumption set forth in the Indiana Code.
It is essential to mention that the legal presumptions might not encompass bank accounts. Due to the fact that of the Indiana Code’s presumption, when 2 or more individuals own personal effects jointly– other than checking account– they must particularly include words to the effect of “without right of survivorship” or “as tenants in common without survivorship rights” in their personal effects certificate of title to show their intent to conquer the anticipation.