Billy decides to purchase some property in equal ownership with a co-worker.They plan to build a vacation home on it.Billy wants to make sure that if he dies,his wife and kids will get his share of the property.Billy and his friend should own the property as:

Question

Quizplus · Accepted Answer

Tenants in common own equal shares of property but have independent ownership rights, meaning that each co-owner can sell or transfer their ownership interest without the consent of the other co-owner. In the event of Billy's death, his share of the property would go to his estate and be distributed according to his will or state law. This would ensure that Billy's wife and children receive his share of the property. Joint tenancy and tenancy by the entirety both include the right of survivorship, meaning that if one owner dies, the other owner automatically inherits their share of the property. Tenants for life and death is not a valid form of property ownership.

Billy Decides to Purchase Some Property in Equal Ownership with a Co-Worker.They