The difference between a joint tenancy and tenant in common interest can be crucial when preparing your Will and to be considered as part of your overall estate plan. It is important to understand the difference of the two.
A tenant in common holder can leave his or her interest by Will and a joint tenant cannot. This is because when the first of the joint tenant dies their interest passes to the surviving joint tenant.
For example for most married couples it is common that they have purchased property together as joint tenants. If via each of their respective Will they are happy to leave that property to the survivor then there is usually no need to consider changing the joint tenancy.
If you are unsure as to how you hold your property or need specific estate planning advice then you should speak to one of our Wills & Estate Planning lawyers.
If you would like more information about this article or if you would like any assistance in other estate planning area please feel free to speak with or email one of our specialist estate planning lawyers on (02) 9635 7966 or firstname.lastname@example.org
DISCLAIMER: This article is provided to clients and readers for their general information and on a complimentary basis. It contains a brief summary only and should not be relied upon or used as definitive or complete statement of the relevant estate planning laws.