Joint Tenancy in Indiana

Like tenancy in common, joint tenancy (“JT”) is also a widely used instrument for co-ownership throughout the United States. And like tenancy in common, every state that employs JT has its own variations and wrinkles to its use. To establish a JT when conveying land in Indiana, the conveyance of land must express that the grantees will hold the land in JT with a right of survivorship (“JTWROS”). This means that when a person wishes to create a JT, the deed must indicate JTWROS, otherwise it will be a tenancy in common.

JTWROS means that when one co-owner dies, the surviving co-owner(s) inherits the deceased co-owner’s interest in the real property. If there are more than 2 co-owners, the last surviving co-owner takes the entire interest in the property.

A JT also differs from a tenancy in common in that all JT co-owners hold equal percentages of interest in the property. For example, if there are four co-owners, each will own 25% of the property. If the interests are disproportionate, then even if the transfer was intended as a JT, it will be considered a tenancy in common. Like tenancy in common through, JT co-owners have the right to use all of the land and they have a right to proportional interests in rent money, if any, made off the property.

To terminate a JT, one co-owner may transfer their ownership to anyone else and the JT will be terminated, making the interests tenancy in common. This is because JTs are only created if all the owners receive the property at the same time. If one co-owner receives their interest in the property at a different time than the others, then there is no JT.

If you have questions about how you hold your property and what rights that entitles you to, call the experienced attorneys at McNeelyLaw LLP today at (317) 825-5110.

This McNeelyLaw LLP publication should not be construed as legal advice or legal opinion of any specific facts or circumstances. The contents are intended for general informational purposes only, and you are urged to consult your own lawyer on any specific legal questions you may have concerning your situation.