Instead of No good deed goes unpunished, the saying should be: “No bad deed goes unpunished.”
Good deeds convey real property correctly; while bad deeds put clients in predicaments that often times have negative, unforeseen consequences.
What type of interest are you receiving?
– “John Doe and Jane Doe, husband and wife” – tenancy by the entireties. In the event John Doe dies, Jane Doe, his wife, would receive 100% interest in the property upon the recording of John Doe’s death certificate.
– “John Doe and Jane Doe” – tenants in common – without “husband and wife” or “joint tenants with rights of survivorship” subsequent to their names, it is presumed John and Jane Doe are taking title as tenants in common. In the event Jane Doe died, Jane Doe’s interest would NOT automatically go to John Smith and vice jameshallison casino versa. In order for Jane Doe’s half to be conveyed to anyone, an estate would have to be opened and the property would have to be probated. The property would ultimately go to Jane Doe’s heirs or her beneficiaries under her will.
– “John Smith and Jane Doe, tenants in common” – tenants in common – John Smith and Jane Doe are taking title as tenants in common. In the event Jane Doe died, Jane Doe’s interest would NOT automatically go to John Smith and vice versa. In order for Jane Doe’s half to be conveyed to anyone, an estate would have to be opened and the property would have to be probated. The property would ultimately go to Jane Doe’s heirs or her beneficiaries under her will.
– “John Smith and Jane Doe, joint tenants with rights of survivorship”. – joint tenants with rights of survivorship – In the event John Smith died, Jane Doe would receive 100% of the property upon recording of John Smith’s death certificate. Don’t get confused with the acronym “JTWRS,” which will NOT suffice for meaning joint tenants with rights of survivorship and neither will “joint tenants”, as the entire phrase, especially the words “of survivorship” are required to properly convey this type of interest.
Note: The information contained herein is for informational purposes only as a service to the public, and does not constitute legal advice or act as a substitute for legal counsel. If you have any questions or have a situation pertaining to this area of law, consult with an attorney as every case is different. The information contained herein should not be relied on as a substitute for counsel and may or may not reflect the most current legal developments and is therefore not promised or guaranteed to be correct or complete.