Distinctions Between Joint Tenancies

In Indiana, joint occupants can own real estate jointly as occupants in typical or as joint renters with right of survivorship. Locals can likewise own certain personal effects collectively as occupants in typical or as joint tenants with right of survivorship. 2 individuals can own their bank account collectively as joint occupants with survivorship rights or as occupants in typical.

According to the Indiana Code, there is a legal anticipation that wed spouses own individual property together as joint tenants with survivorship rights, unless particularly specified. However, for single individuals, the Indiana Code presumes they own their property as tenants in common and not as joint tenants with survivorship rights. To overcome the anticipation, married partners must particularly specify their intent in composing that they want to hold their property as occupants in typical without right of survivorship. Unmarried partners should specify they want to hold their property together as joint tenants with right of survivorship and not as tenants in typical to overcome the legal anticipation set forth in the Indiana Code.
It is essential to point out that the legal presumptions might not extend to bank accounts. Because of the Indiana Code’s anticipation, when 2 or more individuals own individual property collectively– except bank accounts– they must specifically include words to the result of “without right of survivorship” or “as occupants in common without survivorship rights” in their personal effects certificate of title to suggest their intent to get rid of the presumption.

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