What is joint tenancy?

Joint tenancy is a type of property ownership in Massachusetts, where two or more people own an equal share of a property or asset. Each joint tenant is legally entitled to the entire property, and they all possess the same rights and responsibilities. The key difference between joint tenancy and other types of property ownership is the ‘right of survivorship’. In the case of joint tenancy, if one of the joint tenants dies, their share will pass automatically to the surviving joint tenant or tenants. This is unlike tenancy in common, where each tenant is only entitled to their own specific share. Joint tenancy is often used for couples who own a home together, as it allows them to both be equally responsible for the ownership of the property. Joint tenancy can also be used to hold other assets such as bank accounts, investments, and other forms of property. To establish joint tenancy, all of the joint tenants must possess the ‘four unities’. These are: unity of possession, unity of title, unity of interest, and unity of time. Each joint tenant must have the same possession rights, claim of title, ownership interest, and have ownership at the same time. Joint tenancy can be very advantageous as it allows the tenants to pass their interest in the asset directly to the other joint tenant(s) upon death. This avoids the complicated process of probate court, and the property will not be subject to taxation until the last joint tenant passes away. On the flip side, joint tenancy can also be difficult to terminate, as both joint tenants must agree to break the tenancy. Therefore, it is important to consider the implications of joint tenancy before entering into such a legal agreement.

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