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. [...]
