Legal Question in Wills and Trusts in Illinois

Re: Land Trust

''joint tenants with rights of survivorship and not as tenants in common'' is one of three ways for two or more persons to hold real estate in Illinois. The other two are tenants in common, and tenants by the entireties.

The three ways have a "bundle of rights" that differs, principally for inheritance purposes.

Take a property owned by two people in Illinois.

If they own it as "tenants in common", when the first person dies, his or her heirs inherit that 50% interest in the property, and have all of the rights of the person who dies.

"Joint Tenants with right of survivorship" means that, when the first owner dies, his or her interest is automatically transferred to the other owner, and the heirs take nothing. This second way is typically for a married couple, or two persons otherwise related by blood, or who want the consequences that guarantee that the second person living gets the whole property without interference from anyone else.

The third way, "tenants by the entireties", is only between two people married to each other, and lasts until one of them dies, or the marriage ends. The inheritance effects are the same as Joint tenants w/Rights of survivorship, but creditors of one spouse cannot attach or otherwise attack the property interest until the marriage endes or one of the spouses dies.

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