In Florida, JTWROS means that the full title to property goes to the owner that survives. The “survivor” of the joint owner automatically owns 100% of the asset when the other joint owner passes away.
Probate is the process after a person passes or becomes disabled; their assets are put on hold until the will is validated, any remaining debt is paid off, and the beneficiaries of the will are identified. Probate can be a long and stressful process, especially after such a difficult time. Non-probate assets avoid this long, costly process and pass directly to a decedent’s heirs.
A joint tenancy cannot exist unless there is a present unity of interest, title, time and possession; that is to say, the interests must be identical, they must accrue by the same conveyance, they must commence at the same time and the estate must be held by the same undivided possession.
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This is a quick legal reference guide covering 16 topics that every business owner needs to have to start a business
