Through joint tenancy in common, George was able to transfer his share of his assets in a company he owns with his best friend to his son instead of to his best friend. a. trueb. false

Question

Brooklyn Riley

Business

8 January, 19:12

Through joint tenancy in common, George was able to transfer his share of his assets in a company he owns with his best friend to his son instead of to his best friend. a. trueb. false

+2

Answers (2)

Know the Answer?

Ming · Answer 1

False

Explanation:

Joint tendency is a legal agreement that allows two or more people to share a property or an asset. This share of property or an asset can be transferred to the other shareholders if one of them dies.

The property or assets are only passable between the shareholders and nobody who is not a part of the agreement.

Therefore, George cannot pass the share of his assets to his son, although he can sell it to him, which is not the case above.

Patricia Duncan · Answer 2

Answer: True

Explanation: Joint tenancy in common is a form of agreement or partnership in which two or more persons own a property or a group of assets jointly. In this form of agreement, when one owner dies, the portion of the property or group of assets that belong to him or her remains in his or her name and can be transferred to his heirs as part of a will. This is to say that their portion does not automatically belong to the other partners in the agreement as in the case of joint tenancy where ownership and rights and obligations are immediately distributed among the remaining owners of the property. Therefore, George can be able to sell his portion to his son.