Legal Question in Real Estate Law in Arizona
Joint tenancy with right of survivorship
My partner and I set up a joint tenancy with right of survivorship on a house in Arizona, but I have a larger interest than he does. Subsequently, we have come to learn that equal shares are the norm for this type of ownership. If I die first, will he get my interest in the property or are we required to make some sort of adjustment now? Would this also to apply to real estate owned in Wyoming?
1 Answer from Attorneys
Re: Joint tenancy with right of survivorship
Joint tenants own an undivided equal interest in the property, and upon the death of one, the other automatically owns the whole property. This said, understand that I cannot pass judgment or give an opinion on a document or deed that I have not examined.
You should have signed a partnership agreement before buying the property. If you did not, you can now convert the ownership to tenants in common, not joint tenancy, according to the proper shares, and sign an agreement as to how you will hold and manage the property from here on out.
See an attorney so you don't dig a deeper hole for yourself.
Best regards,
James D. Jenkins
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