Differences Between Joint Tenancies

In Indiana, joint tenants can own genuine property collectively as tenants in common or as joint occupants with right of survivorship. Citizens can also own certain personal property jointly as tenants in common or as joint occupants with right of survivorship. 2 people can own their bank account jointly as joint tenants with survivorship rights or as occupants in common.

According to the Indiana Code, there is a legal anticipation that married spouses own personal effects together as joint occupants with survivorship rights, unless particularly specified. However, for unmarried people, the Indiana Code presumes they own their property as occupants in common and not as joint occupants with survivorship rights. To overcome the presumption, married spouses must specifically specify their intent in writing that they want to hold their property as tenants in typical without right of survivorship. Unmarried spouses need to state they prefer to hold their property together as joint renters with right of survivorship and not as tenants in typical to overcome the legal anticipation set forth in the Indiana Code.
It is important to point out that the legal anticipations might not extend to bank accounts. Due to the fact that of the Indiana Code’s anticipation, when 2 or more people own personal effects jointly– except checking account– they need to particularly consist of words to the impact of “without right of survivorship” or “as tenants in typical without survivorship rights” in their personal effects certificate of title to suggest their intent to get rid of the presumption.