Quick Answer
In a joint tenancy, co-owners hold equal shares, and if one owner dies, their share passes directly to the surviving owners rather than through probate. It's a common choice for co-buyers, though married Indiana couples may also consider tenancy by the entirety.
- Ownership shares
- Equal among all joint tenants
- Survivorship
- Yes, automatic to co-owners
- Avoids probate for
- The deceased owner's share
- Common for
- Co-buyers, family members, investors
How Joint Tenancy Works
When people take title as joint tenants, each holds an equal, undivided interest in the whole property, and none of them owns a specific physical portion of it. The defining feature is the right of survivorship: if one joint tenant passes away, their interest transfers automatically and immediately to the remaining joint tenants, bypassing probate entirely.
This differs from tenancy in common, where owners can hold unequal shares and each share passes according to a will or the state's inheritance laws rather than automatically to the co-owners.
Things to Consider Before Choosing It
Because survivorship is automatic, joint tenancy isn't always the right fit for co-owners who want their share to go to their own heirs rather than to the other owners. It also means all owners generally need to agree to major decisions, like selling or refinancing, since each holds an interest in the whole property.
Buyers deciding how to take title, especially unmarried co-buyers or investment partners, often find it worthwhile to talk it through with a real estate attorney before closing.
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Frequently Asked Questions — Joint tenancy
Can joint tenancy be changed after closing?
Yes, owners can typically change how title is held later, though it usually requires a new deed to be prepared and recorded.
What happens if joint tenants split up or have a falling out?
The ownership structure doesn't automatically change, so co-owners typically need to agree on next steps, such as one buying out the other or selling the property.
Is joint tenancy the same as tenancy in common?
No. Joint tenancy includes automatic survivorship and equal shares; tenancy in common allows unequal shares and no automatic survivorship.
Does joint tenancy avoid all estate taxes?
It can help a share bypass probate, but it doesn't automatically address estate tax questions, which depend on the individual situation.