Title to Property
Before getting into the different "structures" that are available it is important to have a general understanding of the basic forms of joint ownership.
Joint Tenancy - A joint tenancy may be created between two or more natural persons (as opposed to a corporate person). The interest of each joint tenant must be acquired at the same time using a single instrument with each owner having the same basic legal for of title, and each owner must have an undivided right to use the whole property (undivided interest), not a right to use only a certain portion of it. The critical aspect of this form of ownership is that when one co-owner dies the other co-owners automatically gets the interest of the deceased.
Tenancy in Common - Each co-owners has an undivided interest in the whole property. Upon the death of a co-owner title passes according to the provisions of the deceased's will or state law if a valid will is not in effect.
Tenancy by the Entirety - This is a joint tenancy between spouses. Upon the death of one the surviving spouse takes title to the property.