Distinctions In Between Joint Tenancies

In Indiana, joint tenants can own real property collectively as occupants in common or as joint renters with right of survivorship. Locals can also own specific personal effects jointly as renters in common or as joint tenants with right of survivorship. 2 individuals can own their bank account collectively as joint renters with survivorship rights or as occupants in typical.

According to the Indiana Code, there is a legal presumption that married spouses own individual property together as joint occupants with survivorship rights, unless specifically mentioned. For single individuals, the Indiana Code presumes they own their property as tenants in typical and not as joint occupants with survivorship rights. To conquer the anticipation, married partners should specifically state their intent in writing that they want to hold their property as renters in typical without right of survivorship. Similarly, unmarried partners must mention they desire to hold their property together as joint occupants with right of survivorship and not as occupants in common to overcome the legal presumption set forth in the Indiana Code.
It is essential to point out that the legal presumptions may not reach checking account. Since of the Indiana Code’s presumption, when two or more individuals own personal property jointly– except checking account– they should particularly include words to the impact of “without right of survivorship” or “as tenants in typical without survivorship rights” in their personal property certificate of title to show their intent to conquer the presumption.

Distinctions In Between Joint Tenancies