What does joint tenants rights of survivorship mean?
When people own real estate as joint tenants rights of survivorship, when one of them dies, his or her share automatically goes to the surviving owners.
Attorney Tom Olsen: Pete, you’re on News 965. Go ahead.
Pete: Yes, sir. Thank you for taking my call. I’ve just got one quick question. My mom bought this house for me and I've been making the payments on it. I’ve got six years left to pay on it, but her name and my name is on the title it's a joint tenancy and there's rights of survivorship. I just want to know what that might mean if she’s deceased?
Attorney Tom Olsen: Pete, well that'll be good news. When you have a real estate deed and the owners own it as joint tenants’ rights of survivorship? It means that if any of those owners pass away, their interest would automatically go to the survivor or survivors. No probate required. If the intention is that if she dies and that property automatically goes to you, then you guys are set and good to go.
Pete: Thank you very much.
Attorney Tom Olsen: All right, Pete. Bye-bye.