Q.	WHAT IS IT?
A.	Joint tenancy is one way that two or more people can own property together. In a joint tenancy, each person listed as an owner on the deed or other document (like a bank book) actually owns the property. One of the most important things about joint tenancy is called the right of survivorship. This means that if one joint tenant dies, his or her rights in the property automatically go to the surviving joint tenant or tenants. A joint tenancy has often been called the "poor person's will." If you are a low income person and do not own much property, a joint tenancy may be a way to make sure your property goes to the person or persons you want to have it after your death without the time or expense of a probate court proceeding.
Q.	HOW DO YOU SET UP A JOINT TENANCY?
A.	Not all property owned by two or more people is owned in joint tenancy. Special words have to be used in the deed or other document (like a bank book). For example, suppose Mary Brown is a widow who wants her son, Tom, to have her house after she dies. If she makes out a deed which says that she conveys her house "to Mary Brown and Tom Brown" this is not a joint tenancy, but a tenancy in common. There is no right of survivorship in a tenancy in common, so Tom would own only one-half of the house upon Mary's death. The other one-half would have to pass through probate court and would go to Mary's heirs (including Tom) or to the beneficiaries of Mary's will. In order to create a joint tenancy, Mary's deed must say that she is conveying her house "to Mary Brown and Tom Brown, jointly, with full rights of survivorship," or "to Mary Brown and Tom Brown, as joint tenants with full rights of survivorship."
Q.	WHAT ARE THE GOOD THINGS ABOUT JOINT TENANCY?
A.	1) It avoids probate: property owned in joint tenancy passes immediately and automatically to the surviving joint tenant or tenants. 2) Creditors of the deceased joint tenant cannot reach the property after his or her death. 3) Joint tenancy property is not subject to the Michigan Inheritance Tax, if the joint tenancy is created at least two years prior to death. 4) It is easy to create a joint tenancy.
Q.	WHAT ARE THE BAD THINGS ABOUT A JOINT TENANCY?
A.	1) You cannot change your mind once you have created a joint tenancy. The only way you can get the joint tenant's name off the deed or bank account is by persuading the other joint tenants to sign it back to you. 2) You lose the right to control the entire property. The other joint tenant or tenants are legal owners of the property and have as much right to use the property as you do. 3) Your joint tenant's creditors may be able to take part of your property. 4) You cannot sell or mortgage the property unless the other person or persons on the deed agree. Remember that you give up your right to handle your property the way you want to when you put someone else's name on your house or bank account. They own the property with you as soon as their name is on this deed or account. Be sure that you can trust that person absolutely before you even think about joint tenancy. Do not be pressured into joint tenancy if that is not what you want.
Q.	WHAT HAPPENS IF THE OTHER PERSON ON THE DEED DIES BEFORE I DO?
A.	If the other joint tenant or tenants should die before you, the property will go back to you as the surviving joint tenant.

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