New York residents who are preparing their estate plan may wonder what the difference is between a joint tenancy with survivorship versus a tenancy in common. One of the major differences has to do with the concept of survivorship.
For joint tenants with survivorship, when one of the two individuals dies, their portion of the property passes to the other owner. This is not the case with tenants in common. That person’s portion of the property belongs to the person’s estate.
