What distinguishes Tenancies in Common from Joint Tenancies?

The distinguishing feature of Tenancies in Common compared to Joint Tenancies is the right of survivorship. In a Joint Tenancy, when one owner passes away, their share automatically transfers to the surviving co-owners, ensuring that the ownership is retained within the remaining tenants. This right of survivorship creates a unified ownership structure, which is a defining characteristic of Joint Tenancy.

In contrast, Tenancies in Common do not include this right. Instead, each tenant in common holds an individual share of the property that can be sold or transferred independently. When one owner dies, their share passes according to their will or, if there is no will, according to state succession laws. This fundamental difference is crucial for understanding how property interests are managed upon death and affects the overall rights of the owners involved in either tenancy arrangement.

Understanding this distinction can significantly impact estate planning, property division, and the management of jointly held assets.