Distinctions In Between Joint Tenancies

In Indiana, joint tenants can own genuine property collectively as renters in typical or as joint occupants with right of survivorship. Residents can also own specific individual property collectively as occupants in common or as joint tenants with right of survivorship. 2 people can own their bank account jointly as joint renters with survivorship rights or as occupants in common.

According to the Indiana Code, there is a legal presumption that married partners own individual property together as joint occupants with survivorship rights, unless specifically mentioned. For unmarried people, the Indiana Code presumes they own their property as tenants in common and not as joint occupants with survivorship rights. To conquer the presumption, wed partners need to particularly mention their intent in composing that they prefer to hold their property as occupants in common without right of survivorship. Single spouses must specify they prefer to hold their property together as joint tenants with right of survivorship and not as occupants in common to conquer the legal presumption set forth in the Indiana Code.
It is important to point out that the legal anticipations may not extend to bank accounts. Due to the fact that of the Indiana Code’s anticipation, when 2 or more people own personal effects collectively– other than savings account– they should specifically include words to the result of “without right of survivorship” or “as tenants in common without survivorship rights” in their personal property certificate of title to suggest their intent to overcome the presumption.