What is joint tenancy?

Joint tenancy is a type of legal ownership of property that is jointly shared between two or more people in Washington State. In joint tenancy, each tenant owns an undivided share of the entire property, meaning that each party has equal rights over the entirety of the property. Additionally, when two or more people own a property in joint tenancy, their shares are indivisible, meaning that each of the tenants owns an equal share of the property regardless of any contributions made to the property’s purchase or upkeep. Finally, when a joint tenant dies, their share is automatically transferred to the surviving tenants. This is known as the “right of survivorship” in Washington. Joint tenancy can be a great way to pass property on to future generations in a cost-effective way. It can also provide legal protection in the event that one of the joint tenants dies or becomes incapacitated.

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