For example, if two or more persons hold property as tenants in common, each can use a will or trust or other estate planning tool to transmit his or her undivided interest to members of the next generation. Because the ability of tenants to agree upon outcomes and constructively utilize their tenants in common property is so important, it's suggested that you be cautious in your use of tenants in common property ownership. 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. 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. The interest or right in property owned by each joint tenant or tenant in common. Each tenant has equal right to use and enjoy the entire property.