• Menu
  • Skip to right header navigation
  • Skip to main content
  • Skip to secondary navigation
  • Skip to primary sidebar
  • Skip to footer

Before Header

Call us today for help!  (631) 265-0599
  • Facebook
  • Instagram
  • LinkedIn
  • Pinterest
  • Twitter
  • YouTube

Eghrari-Logo

Long Island Elder Law & Estate Planning

  • Home
  • Who We Are
    • About Our Firm
    • Meet Our Team
  • Resources
    • Client Resources
      • Definitions
      • Docubank
      • Elder Law Resources
        • Brentwood Elder Law
        • Central Islip Elder Law
        • Commack Elder Law
        • Hauppage Elder Law
        • Smithtown Elder Law
      • Estate Planning Resources
        • Estate Planning Check Up
        • Estate and Gift Tax Figures
        • Estate Planning Techniques
        • Estate Planning Worksheet
        • FREE Estate Planning Seminars
        • Long Island Estate Planning Resources
      • New York Medicaid Resources
        • Medicaid Planning Worksheet
      • Nursing Home Resources
      • Probate Resources
        • Brentwood Probate
        • Central Islip Probate
        • Commack Probate
        • Hauppage Probate
        • Smithtown Probate
        • Suffolk County Probate Resources & Checklist
      • Presentations
      • Retirement Planning Checklist
      • Trust Administration Resources
    • Elder Law Reports
    • Frequently Asked Questions
      • Business Planning
      • Estate Planning
      • Families Without an Estate Plan
      • Incapacity Planning
      • LGBTQ Estate Planning
      • Medicaid Planning
      • Probate
      • Trust Administration
      • Trust Administration & Probate
      • Wills and Trusts
    • Reports
  • Estate Planning
    • Asset Protection & Business Planning
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses
    • Incapacity Planning
    • Legacy Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
    • Young Families
  • Elder Law
    • Coping With Alzheimer’s
    • Emergency Medicaid & Nursing Home Planning
    • Hospice Care
    • Medicaid Planning
  • Areas We Serve
    • Long Island
    • Nassau County
      • Oyster Bay
    • Suffolk County
      • Brentwood
      • Central Islip
      • Commack
      • Hauppauge
      • Smithtown
  • Blog
  • Contact Us

Mobile Menu

  • Home
  • Who We Are
    • About Our Firm
    • Meet Our Team
  • Resources
    • Client Resources
      • Definitions
      • Docubank
      • Elder Law Resources
        • Brentwood Elder Law
        • Central Islip Elder Law
        • Commack Elder Law
        • Hauppage Elder Law
        • Smithtown Elder Law
      • Estate Planning Resources
        • Estate Planning Check Up
        • Estate and Gift Tax Figures
        • Estate Planning Techniques
        • Estate Planning Worksheet
        • FREE Estate Planning Seminars
        • Long Island Estate Planning Resources
      • New York Medicaid Resources
        • Medicaid Planning Worksheet
      • Nursing Home Resources
      • Probate Resources
        • Brentwood Probate
        • Central Islip Probate
        • Commack Probate
        • Hauppage Probate
        • Smithtown Probate
        • Suffolk County Probate Resources & Checklist
      • Presentations
      • Retirement Planning Checklist
      • Trust Administration Resources
    • Elder Law Reports
    • Frequently Asked Questions
      • Business Planning
      • Estate Planning
      • Families Without an Estate Plan
      • Incapacity Planning
      • LGBTQ Estate Planning
      • Medicaid Planning
      • Probate
      • Trust Administration
      • Trust Administration & Probate
      • Wills and Trusts
    • Reports
  • Estate Planning
    • Asset Protection & Business Planning
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses
    • Incapacity Planning
    • Legacy Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
    • Young Families
  • Elder Law
    • Coping With Alzheimer’s
    • Emergency Medicaid & Nursing Home Planning
    • Hospice Care
    • Medicaid Planning
  • Areas We Serve
    • Long Island
    • Nassau County
      • Oyster Bay
    • Suffolk County
      • Brentwood
      • Central Islip
      • Commack
      • Hauppauge
      • Smithtown
  • Blog
  • Contact Us

What Does Joint Tenancy Mean When You Own Property in New York?

If you own property and your ownership is structured as joint tenancy, New York law may permit the transfer of the property outside of the probate process after one of the owners passes away. The probate process can be a lengthy and costly process, so finding ways to transfer property outside of it can be very beneficial. When the co-owners of the property are considered joint tenants with rights of survivorship, the property can pass automatically to survivors upon the death of the other owner(s). Because it does not have to pass through probate, a lot of hassle is avoided. joint tenancy new york

Structuring your ownership of property as a joint tenancy can be an important part of your estate planning process because it can be an effective tool to transfer assets outside of probate. Eghrari Wealth Training Law Firm can provide you with assistance in understanding what options you have available for facilitating the transfer of property without going through probate.

Among the options we assist you with include structuring ownership of property in a strategic way. Give us a call to find out more about the ways in which our legal team can help with the smart transfer of your assets.

What Does Joint Tenancy Mean?

A joint tenancy is a way to structure the ownership of real property, such as a house or land. If you and your co-owners take title under joint tenancy with rights of survivorship, each of the owners has access to the entire property and has an equal share of the property.

It is not always possible to own property as joint tenants with rights of survivorship. Four conditions have to be met for co-owners to own the property as a joint tenancy under New York law. Those conditions include:

  • All owners having the same interest in the property. One owner cannot have more rights or own a larger share of the property than the other owners.
  • Each owner must have received their legal interest through the same conveyance. For example, one deed used to convey an interest to all owners as joint tenants would meet this requirement.
  • All owners must have received their ownership interest at the same time. If an additional owner is added later on after the initial conveyance, that owner cannot just become a joint tenant.
  • Each owner of a joint tenancy has to be able to possess the whole property and access it all. If anyone is restricted from access or has lesser rights than co-owners, the property cannot be owned as a joint tenancy.

If any of these conditions aren’t met, then no joint tenancy exist and owners will typically own the property as tenants in common instead. Even when the criteria were met and a joint tenancy was created, any owner could unilaterally sever the joint tenancy whenever he wants. An owner could even transfer his ownership interest in the property to someone else without permission of the co-owners.

Married couples could technically also own property as joint tenants with rights of survivorship. However, most married couples will own property as tenants by the entirety. This is the default unless an alternative is specified when property is conveyed. Tenancy by the entirety has similar properties to joint tenancy with rights of survivorship but is only available to people who are married.

If Property is a Joint Tenancy, New York Laws Can Allow Probate Avoidance

When property is owned as a joint tenancy with rights of survivorship, this means that the co-owners are automatically going to inherit the property if any one of the owners passes away. This is what is meant by the right of survivorship. The process of transferring the property is really easy and the joint tenancy is the controlling factor that determines how the property is to be transferred.

For example, if Tim and Susie own property as joint tenants with rights of survivorship and Tim makes a will leaving all of his property to his kids, then all of Tim’s property would go to his kids through probate… except for the property that Tim and Susie owned as joint tenants. That property would pass automatically to Susie without any need for probate to happen first.

Getting Help from An Estate Planning Lawyer

Eghrari Wealth Training Law Firm can provide you with advice on whether you should own property as joint tenants so you can transfer that property easily after death. To find out more about joint tenancy, New York rules for property transfers, or other estate planning issues, give us a call today.

  • Author
  • Recent Posts
Eghrari Wealth Training Law Firm
Mark S. Eghrari is an attorney in private practice in Smithtown, New York. He has been in practice since 1988. Mark S. Eghrari provides extensive estate and tax planning services to individuals and businesses. Mr. Eghrari’s primary focus is helping clients avoid probate, minimize or eliminate Federal and State Estate taxes and protect their assets from the high cost of nursing care, if they become ill.
Latest posts by Eghrari Wealth Training Law Firm (see all)
  • How Estate Planning Can Help with Probate Avoidance - March 29, 2023
  • How Is Estate Planning Different for Women? - March 8, 2023
  • Is It Time to Consider Guardianship? - March 1, 2023

About Eghrari Wealth Training Law Firm

Mark S. Eghrari is an attorney in private practice in Smithtown, New York. He has been in practice since 1988. Mark S. Eghrari provides extensive estate and tax planning services to individuals and businesses. Mr. Eghrari’s primary focus is helping clients avoid probate, minimize or eliminate Federal and State Estate taxes and protect their assets from the high cost of nursing care, if they become ill.

Previous Post: «gift tax limit What is the Annual Gift Tax Limit?
Next Post: What to Expect in Suffolk County Probate Court suffolk county probate court»

Primary Sidebar

Blog subscription

Subscribe to our Blog for the latest estate planning news and updates!

  • This field is for validation purposes and should be left unchanged.

Follow Us

  • Facebook
  • Instagram
  • LinkedIn
  • Pinterest
  • Twitter
  • YouTube

Where We Are

Eghrari Wealth Training Law Firm
50 Karl Avenue, Suite 202
Smithtown, NY 11787
Phone: (631) 265-0599
Fax: (631) 265-0754

See Larger Map
Get Directions

Office Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 2:00 PM

Map

map for Eghrari Wealth Training Law Firm office

Footer

Office Location

Eghrari Wealth Training Law Firm
50 Karl Avenue, Suite 202
Smithtown, NY 11787
Phone: (631) 265-0599
Fax: (631) 265-0754

See Larger Map
Get Directions

Office Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 2:00 PM

Sign Up for Our Newsletter

Sign up to get our free estate planning newsletter for all of our tips and resources

  • Disclaimer
  • Privacy Policy
  • Sitemap
  • Contact Us

Site Footer

ATTORNEY ADVERTISEMENT

Copyright © 2023 American Academy of Estate Planning Attorneys · All Rights Reserved