Siblings Julia and Gene are co-owners of a small retail building in which a tanning salon is currently operating. Gene really wants to leave his ownership interest to his son when he dies, but the way in which they own the property doesn't allow him to do so. What type of ownership do they have?

Question

Ronin Choi

Social Studies

16 March, 08:59

Siblings Julia and Gene are co-owners of a small retail building in which a tanning salon is currently operating. Gene really wants to leave his ownership interest to his son when he dies, but the way in which they own the property doesn't allow him to do so. What type of ownership do they have?

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Answers (1)

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Marilyn Berg · Answer 1

Joint tenancy

Explanation:

Under Joint tenancy arrangement, there is no right of inheritance. This legal arrangement involves property ownership by two or more people, each with equal rights and obligations. When one of the owners die, his interest in the property automatically goes to the survivors with no need for court interferences.