In which of the following situations is Polly’s property ownership interest lost by her upon her...

In which of the following situations is Polly’s property ownership interest lost by her upon her death, and automatically transferred to the other owners?

a. Tenancy by the entirety.

b. Tenancy in common.

c. Joint tenancy.

d. Life estate interest in an irrevocable trust created by Polly.

e. Polly’s ownership interest in (a), (c) and (d), but not in (b), would be lost upon her death and automatically transferred to the other owners.

Expert Solution

Option e. Is the correct answer.

Tenancy by entirety means :

An interest in property that can be held only between a husband and wife in which each party has a right of survivorship over the property and which neither party can terminate without the consent of the other.

Tenancy in comman means:

When a tenant in common dies, the property passes to that tenant's estate. Each independent owner may control an equal or different percentage of the total property. Also, the tenancy in common partner has the right to leave their share of the property to any beneficiary as a portion of their estate.

Joint tenancy:

Joint tenancy is a legal arrangement in which two or more people own a property together, each with equal rights and obligations. When one of the owners in a joint tenancy dies, that owner's interest in the property passes to the survivors without the property having to go through the courts.

So here we conclude that option e is the right answer.

ekkarill92 answered 1 year ago

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