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Jane had two teenage sons. Her husband died when the boys were ages 14 and 16. She met Jack, who had ...

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Jane had two teenage sons. Her husband died when the boys were ages 14 and 16. She met Jack, who had ...

Jane had two teenage sons. Her husband died when the boys were ages 14 and 16. She met Jack, who had a son and daughter by his first marriage. He was divorced from both a first and a second wife. Jane and Jack decided to marry. Once married, they bought a house as co-owners. Which of the following is true with regard to co-ownership?

▸ If it is a joint tenancy and no changes are made, if Jane dies first then Jack gets the whole property.

▸ If Jane and Jack co-own the property as joint tenants, Jane could control what happens to her share upon her death through a well-crafted will.

▸ Even under joint tenancy, when one dies, the other will face inheritance taxes and probate fees.

▸ If Jane and Jack took the property as joint tenants and Jane decides that she does not want the "right of survivorship," she cannot change that type of ownership without Jack's permission.

▸ A joint tenancy cannot be severed by one party selling his or her interest.

Textbook

Legal Fundamentals for Canadian Business

Edition: 4^th

Author: Yates

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