Exploring Joint Tenancy with Survivorship Rights for Florida Real Estate
In Florida, property ownership can take various forms. One notable option is Joint Tenancy with the Right of Survivorship. Joint Tenancy with the Right of Survivorship allows for seamless property transfer when one owner passes away, provided specific language on the deed adheres to Fla. Stat. 689.15. To establish this, co-owners must share four “unities”: possession, title, time, and interest. While this method enables easy transfer, it can be subject to creditors and severed by a joint owner’s actions.
Advantages:
- Avoids probate.
- Shared property responsibilities.
- Enables unmarried co-owners to pass ownership without a Will.
Considerations:
- Co-owner debts can attach to the property.
- Either joint owner can sever the joint tenancy.
- Loss of sole property control.
For those looking to transfer property upon death while maintaining control during life, other options like Enhanced Life Estate Deeds or revocable trusts may be preferable.
If you’re considering property changes in Florida, reach out for a consultation to explore your options.
