In New York state, joint tenancy is a form of property ownership that involves two or more people, whereby each owns an equal interest in the property and shares the property. Under the law, joint tenancy is presumed when a disposition grants a property interest to people who are not legall...
If these requirements are not met, the arrangement is not a joint tenancy with rights of survivorship; instead, the state will treat it as a tenancy in common. A tenancy in common does not have a right of survivorship – when one owner dies, their ownership interest does not pass to the...