Even when the person redeeming a bond or other treasury security acquired it as a survivor the ownership was not a joint tenancy and, for estate tax purposes, the bond or security is included in the estate of the deceased. Generally, joint tenancy with rights of survivorship is not adequate as the only tool used in your estate planning. Glossary Intangible property Property that only represents real value such as bonds, stock certificates, promissory notes, certificates of deposit, bank accounts, contracts, leases, and other similar items. Real estate held in joint tenancy does not pass through probate following the death of a person with an ownership interest. Personal property such as fixtures and equipment, inventories, or vehicles held in joint tenancy does not pass through probate if the right of survivorship is stated in the title to the property.
Any joint tenant can petition the court and compel partition of a joint tenancy asset.
The judicial separation of the respective interests in property of joint owners or tenants in common so each may take possession, enjoy, and control his or her share of the property. Tangible property Property that is capable of being perceived by the senses. Generally, tangible property is real estate, personal property, or moveable property that has value of its own and is not merely a representation of real value. Land, machinery, buildings, business equipment, inventories, homes, and furnishings are examples of tangible property. Tenants in common A form of asset ownership in which two or more persons have an undivided interest in the asset, where the ownership shares are not required to be equal, and where ownership interests can be inherited.