Distinctions Between Joint Tenancies

In Indiana, joint tenants can own real estate collectively as occupants in typical or as joint tenants with right of survivorship. Citizens can likewise own certain personal property collectively as renters in common or as joint occupants with right of survivorship. For instance, 2 people can own their savings account collectively as joint renters with survivorship rights or as tenants in common.

According to the Indiana Code, there is a legal anticipation that wed partners own individual property together as joint occupants with survivorship rights, unless particularly mentioned. For single people, the Indiana Code presumes they own their property as occupants in typical and not as joint occupants with survivorship rights. To overcome the anticipation, wed partners should particularly specify their intent in writing that they want to hold their property as renters in typical without right of survivorship. Likewise, single partners need to specify they want to hold their property together as joint occupants with right of survivorship and not as tenants in common to overcome the legal anticipation set forth in the Indiana Code.
It is very important to explain that the legal anticipations might not reach checking account. Since of the Indiana Code’s presumption, when 2 or more people own personal property collectively– other than checking account– they need to particularly include words to the result of “without right of survivorship” or “as renters in typical without survivorship rights” in their personal property certificate of title to suggest their intent to conquer the presumption.