Joint tenancy is a form of property ownership in Arizona where two or more individuals hold equal shares of a property with the right of survivorship. This means that upon the death of one joint tenant, their interest automatically passes to the surviving joint tenant(s), bypassing probate.

Key Characteristics of Joint Tenancy:

• Equal Ownership: All joint tenants have equal shares in the property, regardless of individual contributions.
• Right of Survivorship: The deceased tenant’s share automatically transfers to the surviving tenant(s).
• Four Unities Requirement:
  • Unity of Time: Interests are acquired simultaneously.
  • Unity of Title: Interests are acquired through the same deed or will.
  • Unity of Interest: Each tenant has an equal share.
  • Unity of Possession: Equal rights to possess and use the entire property.

Creating a Joint Tenancy in Arizona:

To establish a joint tenancy, the deed must clearly state the intention to create such an arrangement, typically using language like “as joint tenants with right of survivorship.”

Severing a Joint Tenancy:

A joint tenancy can be terminated if any of the four unities are disrupted. For example, if one joint tenant transfers their interest to another party, the joint tenancy converts to a tenancy in common, removing the right of survivorship.

Advantages of Joint Tenancy:

• Avoidance of Probate: The automatic transfer of ownership upon death simplifies the process.
• Simplicity: Establishing joint tenancy is straightforward and commonly used among family members and couples.

Disadvantages of Joint Tenancy:

• Lack of Flexibility: Individual interests cannot be bequeathed to someone outside the joint tenancy.
• Exposure to Creditors: Creditors of any joint tenant can place claims against the property.
• Potential for Unintended Severance: Actions by one tenant, such as transferring their interest, can sever the joint tenancy.

Joint Tenancy vs. Tenancy in Common:

• Joint Tenancy: Equal shares with right of survivorship.
• Tenancy in Common: Owners can have unequal shares, and there is no right of survivorship; each owner’s interest can be sold or bequeathed independently.

Legal Considerations:

It’s crucial to consult with a legal professional when considering joint tenancy to understand the implications fully and ensure it aligns with your estate planning goals.