Legal Question in Real Estate Law in Maryland
Property owned as joint tenants w/right of survivorship
My sister and I own a home as joint tenants (still have a mortgage). I recently married and would like my husband added to my share of the home, or would like my share to be considered martial property. What do I need to do? I understand that property owned as joint tenants cannot be willed to another person.
2 Answers from Attorneys
Re: Property owned as joint tenants w/right of survivorship
Either party can sever a joint tenancy, turning it into a tenancy in common. You could in fact do so by simply deeding your interest to yourself and your husband as tenants by the entireties, although an express declaration in the deed that you are doing so is preferable. Your understanding is correct that joint tenancy property effectively passes outside any will to the surviving joint tenant upon death of a joint tenant.
Re: Property owned as joint tenants w/right of survivorship
Do a new deed, in which you and your sister will convey half of the property to her and the other half to you and your husband as tenants by the entirety (ie., a married couple). But the overall
ownership of the property should be as tenants in common between your sister and you/your husband. That way, she can leave her half to whomever she wants in a will, and the other half that you own will automatically go to who outlives the other between you and your husband. The survivor will then be able to will his/her half to a designated heir.
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