How to Terminate Joint Tenancy in New Jersey
What is joint tenancy? It’s a kind of joint ownership of property. It’s similar to tenancy in typical, however, the difference is that joint tenancy includes the survivorship right.
This indicates that upon the death of any of joint tenants, their interest in the property or land is handed down to the other joint occupant. The making it through tenant owns the rights to the whole estate. Therefore, the share can not be passed on to beneficiaries when it comes to joint tenancy.
There are 4 conditions that must be fulfilled for joint occupancy to exist:
How Can I End a Joint Occupancy?
To terminate a joint tenancy, one of the four conditions need to be destroyed. This can be done by turning over the joint occupancy interests to a 3rd person. You can achieve this by gifting or selling your interest. Upon termination, the 3rd individual and staying co-tenants form an occupancy in common. A joint renter can transfer their interest separately, and do they can do so without the approval or understanding of their con-tenants.
If you are seeking to end a joint occupancy, while still keeping interest in the property, there are a couple of choices:
u2022 You and the co-tenants might agree to convert the original joint tenancy arrangement into tenancy in common.
The Advantage of Terminating a Joint Tenancy
The benefit of terminating a joint occupancy and going with a tenancy in common is that, naturally, when you die your successors will acquire your share of the property. This action guarantees that your heirs get their fair share, rather than your co-tenants inheriting your share of the property.
Will I Need a Lawyer?
A property attorney can help you with the procedure to ensure your interest stays safeguarded. They can help you choose which method would be most appropriate for you in ending a joint occupancy. A probate lawyer can assist in producing a trust or will to ensure your property interests reach your recipients.