Aaron and Janelle enjoyed years of experiences shared through their rewarding ownership of Crystal Lake Cottage Resort Inc.When Aaron died unexpectedly,title automatically transferred to Janelle.Aaron's family has decided to dispute Janelle's right to ownership.What is the name given to the type of ownership interest enjoyed by Aaron and Janelle that allowed her to acquire ownership in this manner?

Question

Quizplus · Accepted Answer

The type of ownership interest enjoyed by Aaron and Janelle that allowed her to acquire ownership in this manner is joint tenancy. In joint tenancy, when one owner passes away, their ownership interest automatically transfers to the surviving joint tenant(s) without the need for probate or any legal transfer. Therefore, title automatically transferred to Janelle when Aaron died, making her the sole owner of the property. Aaron's family cannot dispute Janelle's right to ownership in joint tenancy because the property automatically passed to her upon Aaron's death.

Aaron and Janelle Enjoyed Years of Experiences Shared Through Their