Joint Tenants vs Tenants in Common

[puppymommo Senior Member Find all posts View Profile Close puppymommo]

I am purchasing a resale timeshare and was asked if my husband and I want Joint Tenants with Right to Survivorship vs Tenants in Common. I've done some reading online but I'm not sure I am grasping it. I think I want joint tenants rather than tenants in common.

Actually I don't think it makes any difference in our case.

Does anyone have any recommendations?

Thanks in advance,
Susan

[jlwquilter Senior Member Find all posts View Profile Close jlwquilter]

It probably doesn't make a differnce for most married couples. It could if you have others on the deed too, like a child, parent, etc.

Joint Right of Survivorship means if the other person dies, the ownership becomes yours totally. Period, end of story.

Tenents in Common means that if the other person dies it goes to their estate and ownership is determined by what the will says or estate law says. Most married leave everything to each other so it's moot. BUT if you die at the same time then wills take over and ownership can pass very differently than what one thought it would.

Also, if you own with a non-spouse and the non-spouse dies, then you become an owner with however their will lays it out. It could be with that hated relative that they loved and left their stuff to. Or the SPCA.

Of course there may be times when Tenents in Common is exactly what you want.

Anyway, that's my understanding. My DH and I have Joint Ownership with Right of Survival.

[rikkis_playpen Diamond Club Contributor Find all posts View Profile Close rikkis_playpen]

The vesting can make a huge difference...

Read this thread for additional info..
http://www.timeshareforums.com/forum...g-process.html

First- check with your own legal counsel to ensure you are getting the best advice for your personal situation....

Tenants in common may require probate upon the death of one of the parties. You should remember that probate is not only required in the state where the decedent lived, but also in the state where the real estate lies. If your timeshare is located in a different state, the cost of the probate process can easily be more than the value of the timeshare interest..

If you want an attorney referral, you can find a thread in this section with contact info for a number of real estate and probate attorneys in Florida who are familiar with timeshare resorts.

[puppymommo Senior Member Find all posts View Profile Close puppymommo]

Thank you, everyone for your input!