Joint Tenancy Related Questions
Can one owner of a joint tenancy mutual fund cash out the fund without the signature of the other? Who is entitled to property that was once held as joint tenants? If you are a joint property owner, it is important to know your legal rights. Consulting a lawyer can be costly, therefore, contacting an Expert for the most accurate answers to all your legal questions. Read below where these questions and more have been answered by verified Experts.
If property is held in a joint tenancy with 50% to one owner and 50% to two owners is it possible to split the land into separate parcels?
In this case, any party involved may file a partition suit and the court will either divide up the property in three shares or order a sale of the property. If the court orders a sale, the legal fees and court costs will be paid first, and then the net sale proceeds will be divided by the three parties.
Is it legal that one owner of a joint tenancy timeshare filed a general warranty deed so that he would not be legally responsible for maintenance fees?
This should have no legal effect. An individual cannot simply Deed property to nobody to avoid paying the required fees. In a Deed there is normally a grantor and grantee, so simply signing a general warranty deed would not relive the obligation to pay the fees. Both parties are legally responsible for the required fees. A person also cannot transfer another’s legal interest, so therefore one owner did not sign his or her interest over, the Deed would be void.
If one owner passes away that owns land with another under a joint tenancy, but the deceased owner has a Will, will the other joint owner receive the property?
Yes, this is correct. A joint tenancy with right of survivorship passes outside of probate to the survivor or survivors.
Is a stock broker correct in allowing one owner of a joint tenancy mutual fund to cash out the fund without the signature of the other?
If the account is a joint account, then either owner has the right, title and access to 100% of the proceeds in the account. Thus, the broker is correct. This is no different than a joint checking account that can be accessed by either owner of the account and the funds can be used by one owner without the permission of the other.
Is it possible for one owner to get the funds back that the other owner has cashed out on an account held as joint tenants?
No, unfortunately it is not likely the owner would have the ability to have the funds returned. However, in the future, he or she could be protected from this happening to other funds that are owned jointly by dividing the funds and placing in separate individual accounts.
In the State of California, will setting up a joint tenancy with right of survivorship to property or setting up a Trust to property trigger a tax reassessment?
Under California law, whether the transfer of property is a partial or total transfer, either a Deed or a Trust will cause the property to be reassessed.
Will placing property in a Revocable Trust sever a joint tenancy?
No, if the other individual is a present beneficiary of the Trust (because it’s consistent with the right of survivorship, and therefore, does not sever the joint tenancy), but if there is anyone else that is a beneficiary of the Trust, then it is going to sever. Furthermore, the attempt to transfer all the property (rather than what is allowed) would likely sever the interest.
Who is entitled to property that was once held as joint tenants by husband and wife, who where later divorced?
Case Details: In divorce ex-husband was awarded the property. Ex-wife never signed a Deed. Fifteen years prior to ex-husband’s death, he remarried, but at the time of his death the property was still owned as joint tenants with ex-wife.
If there was a marital property settlement that was ordered pursuant to the divorce action where the ex-husband was awarded the property, but the Deed was never changed, then the divorce decree would still be effective. Therefore, the second wife would have grounds to file a “quit title” lawsuit against the ex-wife to have a judge declare the property should have been deeded over to the ex-husband pursuant to the divorce decree and this would be legally considered to be the ex-husband’s separate property. The property would now belong to his estate to descend according to his Will or the state laws of intestacy.
As seen above, many questions can arise regarding an individual’s rights regarding joint tenancy. It can put your mind to ease and be of comfort to know that Experts can answer your questions with correct, knowledgeable information. If you have more questions verified Experts are available, day or night, at your convenience.