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Does joint tenancy between sibling need to be an

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official,document, or is it legal...
Does joint tenancy between sibling need to be an official,document, or is it legal to just "assume"?
Submitted: 1 year ago.Category: Estate Law
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5/7/2016
Estate Lawyer: Barrister, Attorney replied 1 year ago
Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 38,675
Experience: 17 yrs estate law, real estate. Wills/Trusts/Probate
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Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question..Are we talking about a deed related to property?.Or a bank account?.or something else?..thanksBarrister
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Estate Lawyer: Infolawyer, Attorney replied 1 year ago
Infolawyer
Infolawyer, Attorney
Category: Estate Law
Satisfied Customers: 58,079
Experience: Licensed attorney helping individuals and businesses.
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Hello
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Customer reply replied 1 year ago
The estate consists mostly of property.
Estate Lawyer: RobertJDFL, Attorney replied 1 year ago
RobertJDFL
RobertJDFL, Attorney
Category: Estate Law
Satisfied Customers: 14,043
Experience: Experienced in multiple areas of the law.
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Thank you for using Just Answer. New expert here as the previous expert had to leave.In South Dakota, the most common types of jointly-owned property are joint tenancy with the right of survivorship and tenancy in common. Joint tenancy with right of survivorship is most commonly seen with married couples, where the survivor automatically assumes the right of ownership. Tenancy in common is seen in non-married couples, such as siblings, where each party owns a percentage of the property, but it doesn't necessarily have to be equal (e.g. you can own 60% and your brother 40%). At death, you are free to do what you wish with the property. This doesn't mean, however, that siblings couldn't have property that is owned in joint tenancy with right of survivorship. The deed would have to reflect that this is how the property is owned. In other words, it's not automatic -it must be put on the deed how the property will be owned. With things like bank accounts, again, you can have two names on an account - ***** ***** and Bill Smith, both equal owners. Alternatively, a person may have a separate bank account but have a "Pay on death" clause that transfers the account to the person named when the account holder passes (regardless of what a will says, as this would pass outside the estate(. You may also own stocks or bonds jointly. Once again, if you own stock jointly with right of survivorship, it passes automatically at your death to the surviving joint tenant and does not transfer under your will. On the other hand, if your stock is owned jointly with another person as tenants in common, your share or interest in the stock will pass under your will.If you need clarification or additional information, please reply and I'm happy to assist further. Thank you.
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Estate Lawyer: RobertJDFL, Attorney replied 1 year ago
Your complete satisfaction is my goal. If you need additional information or clarification about my answer, please reply, and I'm happy to assist further. Otherwise, kindly remember to leave a positive rating by clicking on the stars/happy faces (3-5 stars/happy faces) as that is the only way experts such as myself are compensated on this site for our time and expertise, even if you have left a deposit. It doesn't cost you anything extra to leave a rating. Thank you.
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Estate Lawyer: Irwin Law, Attorney replied 1 year ago
Irwin Law
Irwin Law, Attorney
Category: Estate Law
Satisfied Customers: 7,429
Experience: 30+ yrs. handling probate estate, wills, trust, inheritance & real estate related matters
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DIFFERENT EXPERT HERE: Does joint tenancy between sibling need to be an official,document, or is it legal to just "assume"? Joint tenancy (usually with right of survivorship) is nearly always created with a document such as a deed or other form of contract. A different form of joint ownership is "tenancy in common". This form very often occurs as a matter of law such as inheritance, or conveyance by will. I hope that this information is helpful and that you will enter a positive rating at this time.
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Irwin Law
Irwin Law
Irwin Law, Attorney
Category: Estate Law
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