Differences Between Joint Tenancies
In Indiana, joint tenants can own real property collectively as tenants in common or as joint renters with right of survivorship. Residents can also own particular personal property jointly as renters in common or as joint occupants with right of survivorship. For instance, 2 people can own their savings account collectively as joint occupants with survivorship rights or as occupants in typical.
According to the Indiana Code, there is a legal anticipation that wed partners own personal effects together as joint tenants with survivorship rights, unless particularly stated. For unmarried individuals, the Indiana Code presumes they own their property as occupants in typical and not as joint renters with survivorship rights. To overcome the presumption, married partners must particularly specify their intent in composing that they desire to hold their property as occupants in common without right of survivorship. Unmarried spouses 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 extend to bank accounts. Because of the Indiana Code’s anticipation, when 2 or more individuals own individual property collectively– except bank accounts– they should particularly consist of words to the result of “without right of survivorship” or “as occupants in typical without survivorship rights” in their personal effects certificate of title to show their intent to get rid of the presumption.