What are common common tenants?

Common tenants in common (JTIC) is a type of mediation account for two or more owners who do not have the right to survive. Usually common tenants in a common equal percentage of the account. If one owner dies, their share in the account becomes part of their assets. The advantage of the JTIC account is that the owner can mark the heir of his choice. The disadvantage of the JTIC account is that it must go through the account before converting the account, which can be long and expensive. Tenants

common tenants is the concept of property law, which is applicable in many countries, but accurate phrasing and legal impact may vary from jurisdiction to jurisdiction. In general, every co -owner has the right to refer to the property in anyone who chooses through his will. When opening common tenants on a common account, the broker often allows you to choose the recipient on the spot.

One of the main Advantagspolečné tenants on a common account is that each party owns a crusht account. In case of death or divorce is easily divisible. The rest of the account remains intact, while the deceased share can be handed over to the ratio.

The second advantage of the JTIC account is to check over its inheritance. The owner can decide to whom, and under what circumstances, a part or the entire account should be transferred. This is important in creating trusts for smaller grandchildren, settling disputes between adults or preventing family wealth to lose new spouses.

The biggest disadvantages of common tenants on common accounts stems from the fact that it is an exploration of courts. Once the owner died and their share in the account became part of their assets, the transfer process can be long and complicated. Lawyers are often involved to make suffering expensive. As with other types of inheritance, the recipient may be questioned in the will.

alternative type of joint account is called withPolený tenants with the rights to survival, which is often preferred by married couples. In the case of one side death, the other side inherits the rest of the account immediately and automatically. This form of co -ownership also often occurs with common credit cards. Unfortunately, the surviving also inherits the debt on the credit card.