Switching From Tenancy in Common to Joint Tenancy After Marriage in Palm Beach County

Suppose you purchased a condo with your boyfriend or girlfriend a few years ago. Back then, you were concerned about what might happen during a potential breakup, so you chose “tenancy in common.” With this approach, you reserved the right to sell your share of the condo at any point. What happens after you get married or feel more committed to the relationship? Is it possible to switch from tenancy in common to joint tenancy in Palm Beach County?

Step for Switching from Tenancy in Common to Joint Tenancy in Florida

The first step is to make sure your partner or spouse is okay with the change you want to make. All tenants in common must agree to this transition, and your partner or spouse may be more comfortable with a tenancy in common for whatever reason.

The next step is to pursue a new “quit claim deed.” Essentially, this involves transferring the property to yourselves but with a different deed. In this situation, you and your spouse/partners are called “grantees.” Be sure to draft your new deed with the phrase “rights of survivorship.”

Why You Might Want to Transition Directly to a Lady Bird Deed

Although you might not want to make this process any more complicated than it already is, this could be an excellent opportunity to consider a lady bird deed. By transitioning directly from a tenancy in common to a lady bird deed, you skip past joint tenancy and move to a more advanced estate planning strategy. If you take this step now, you can save yourself from more estate planning complexity later in life.

A direct transition to a lady bird deed may be particularly effective if you have children. Sometimes, having children changes perspectives and makes parents more committed to each other long-term. This not only creates the need for the right of survivorship, but it might also necessitate estate planning for your new, young beneficiaries.

A lady bird deed allows your children to inherit your property once you are gone. They will inherit the property automatically and without going through probate. Not only that, but they will lack any control over your property in the way that your spouse does. In other words, your children will not have the right to force you to sell once they reach adulthood. In addition, your house will never become vulnerable to any of your children’s creditors.

Can a Palm Beach County Estate Planning Lawyer Help Me?

A Palm Beach County estate planning lawyer may be able to help if you need to switch from tenancy in common to joint tenancy. Although this process may seem unnecessary and complex, it can provide your spouse or common-law partner with the right of survivorship. This can massively simplify probate for you and your entire family, especially if you do not have a Will. Contact Kitroser Lewis & Mighdoll at 561-721-0600 today for further guidance.

Source: 

floridabar.org/the-florida-bar-journal/turning-straw-into-gold-a-comprehensive-guide-to-tenants-by-the-entirety-in-florida/