Keep Your Will Safe
The authorized name of joint tenancy Earl Shilton is “joint tenancy with right of survivorship”. Such type of right is important because they give the joint tenant the right to the property of the deceased.
his means that if you have a joint tenancy than on the death of your partner, you and your partner will receive a share from the property of the deceased. However, under joint tenancy, the share to your property cannot be willed to your heirs.
If the second to last person of a joint ownership expires, then his share passes to the remaining owners of the property. A joint tenancy in which the single owner remains after the death of one owner, then tenancy converts to tenancy in common. Under tenancy in common or TIC as it is generally known as the share of the property can be transferred to other people through a will.
There are ways by which one can convert shares in a joint tenancy to TIC, allowing inheritance by heirs.
The above paragraph showcases that if you have property in joint tenancy and want it to be inherited, then you must get them converted to TIC. This also known as unilateral conversion.