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How to break a joint tenancy

By Jakob Jelling
http://www.cashbazar.com

There are several methods depending on your situation.

Joint tenancies can be created for several reasons. However, in the states that have survivorship clauses, these joint tenancies can end up getting in the way of wills and other last wishes. Therefore, you may need to break the joint tenancy. This can be done using several methods, but the easiest way to break it is to make sure that you are living in a state that has no survivorship clause. What this means is that the joint tenancy will break as soon as one of the people involved dies.

However, there are other methods that can be used before this time. For instance, one method involves using a "straw man". The "straw man" will buy the property from one of the joint tenants - which breaks the joint tenancy, and then sell it back to that tenant for a fee. The result is that the joint tenancy has been broken, but both tenants still own their rightful share of the property. Depending on where you live, it may also be possible to break the joint tenancy without using a straw man - you will just have to make sure that you file a document that states your intent.

You can also break a joint tenancy if there are disputes after the death of a loved one through other means. This is usually more difficult, because you will have to have proof that the joint tenancy was not your loved one's last wish. This would be the case if one family member was given joint tenancy, and then refused to give the other heirs their portion of the estate.

In this case, you will need to prove that your loved one actually wanted the estate to be divided among his or her heirs as their will states. One thing that will help you in this, of course, is if there was a will written after the joint tenancy. If the will states that they would prefer for the estate to be divided, then you should be able to get the money. You will also have to prove that the only reason there was a joint tenancy was for the convenience of your loved one and his or her caregiver.


About the author
Jakob Jelling is the founder of http://www.cashbazar.com. Visit his website for the latest on personal finance, debt elimination, budgeting, credit cards and real estate.

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