Q: what are the pros & cons of doing a joint tenancy vs common tenancy house deed (adding four kids to parents deed evenly
Four kids will inherit house after parents last away evenly (25% each ) we are updating the deed and was asked whether it’d be joint v common tenancy
A:
Your question raises a number of important issues. If the parents add the children to the deed with them as owners, each of the children would acquire a present interest in the property. Assuming two parents and four children on the deed, each would be presumed to own 1/6 of the property unless otherwise specified. In addition, judgments against any of the owners could become liens on the property and any one owner could file for partitition and potentially force a sale of the entire house.
If you have already considered those issues, the difference between tenants-in-common and joint tenants pertains to the right of survivorship. For example, business partners typically own property as tenants-in-common and if one of the partner's pass away the deceased owner's share in the property is inherited by his or her heirs or beneficiaries. In the case of joint tenants, the survivor(s) acquires the interest of a deceased joint tenant and nothing passes to the deceased owner's heirs or beneficiaries.
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