Joint and Survivorship Property
What is Joint and Survivorship property?
Joint and survivorship property is property held by two or more persons jointly; each party has equal rights of possession and income. On the death of one joint tenant, his interest transfers to the benefit of the survivor or the survivors in equal shares, without court proceedings. One joint tenant can sever the joint tenancy by conveying his interest to a third party.
Joint and survivorship ownership may be useful in certain situations. However, court proceedings may be necessary to transfer clear title to the assets and to determine Ohio estate taxes. Tax consequences can be detrimental to the beneficiaries if joint and survivorship ownership is used imprudently.