Joint ownership refers to any type of ownership that involves multiple owners, including joint ownership with full rights of survivorship, ownership in common, and ownership by the entirety. In Florida, joint ownership can apply to various assets, such as properties, bank accounts, stocks, and more. While certain types of joint ownership can bypass the probate process, others may not.
One drawback of jointly-held property is that probate is not avoided when the last co-owner passes away. Probate will usually be required upon the death of the last surviving co-owner. Another detriment of joint ownership of property in Florida is that it constitutes actual ownership. This might imply that a co-owner could withdraw, sell, borrow against, or convey his or her interest in the shared asset without the consent of the other co-owners. It also might mean that creditors of one co-owner could access that co-owner’s interest in the property (except for tenancies by the entirety).
Some of the downsides of joint ownership are: 1) joint ownership does not bypass probate when the last co-owner passes away; 2) joint ownership represents absolute ownership, permitting each owner to independently withdraw, sell, borrow against, or transfer the shared interest without needing approval from other co-owners; and 3) a creditor of one co-owner may access that co-owner’s stake in the property, unless it is held as tenancy by the entirety.
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