Mom wants to know pros, cons of joint tenancy

Dear Miki: I notice most couples take ownership title of the home in joint tenancy without fully understanding the pros and cons. My daughter and her fiancé' (a needy, high maintenance artist) are going to marry soon and purchase a house. Will you please give her a run down on what joint tenancy involves?MomDear Mom:To be legally correct, joint tenancy real estate ownership means "joint tenancy with right of survivorship." Most states think the exact words are unnecessary and "joint tenancy" is sufficient, but let me refer to the title as JTWRS.Here are some orchids and onions of JTWRS:1. Joint tenant's last breath, willing his half to the town barfly, has no affect on JTWRS. Wife survives betrayal and gains full property ownership.2. In second marriages, spouses who want to leave their half of the property to kiddies of first marriage, a revocable living trust or tenants in common are far better options.3. When a joint tenant's toes point upward, his share automatically passes to the surviving joint tenant. Robbing-the-grave probate court costs are by-passed.4. Beware! Judgment creditors of one joint tenant can attach that person's share of the property. And if a joint tenant goes financially belly up, and there is enough equity in the house a bankruptcy court can order a "for sale" sign. Proceeds are divvied among the co-owners. However, if the joint tenant keels over, creditors can't attach sticky fingers to the deceased's share, which automatically is passed to the surviving tenant.5. Most states allow a Partition Lawsuit thrown by one joint tenant, who wants to cut and run with his half of the proceeds.6. Look out! If one joint tenant refuses to pay his or her share of the property expenses, he or she still has the right to stay put in front of the TV, lounge in the spa and have a few buds over for a backyard barbecue. Other joint tenant who pays expenses will have to sue for reimbursement of necessary costs, like property taxes.7. A joint tenant can secretly convey his or her share to a third party; busting the JTWRS into a tenancy in common ownership. In the case of Riddle v. Harmon, a wife, shortly before her death, quitclaimed her joint tenancy share to herself as a tenant in common. Very clever! At the reading of the will, the widow must have clutched his heart when the heir to his wife's share walked over and said "Looks like you and I own a house together!! My kids want to swim in the pool this afternoon, and to avoid an accident, make sure they know the whereabouts of the bathroom."8. When all joint tenants die at the same time and the order of death cannot be determined, the share of each deceased joint tenant passes according to his/her written will or the state law of intestate (without a will) succession 9. If one joint tenant survives a car crash for just a short time longer than the other joint tent, his or her heirs receive the entire property.Holding title of joint tenancy offers benefits and disadvantages.Other co-ownership alternatives are available and an attorney and tax advisor is recommended. I've been around the joint tenancy block with a husband...or two and clearly did not understand the ups and downs of the title.If your description of future son-in-law is correct, your daughter also needs a therapist. "Ask Miki" is a column of opinion and anything herein is not intended for financial, legal, medical or tax advice. Miki Garcia is a real estate agent with Sirsi and Company Real Estate specializing in Folsom, El Dorado Hills and surrounding areas. She can be contacted via e-mail at mikigarcia@sbcglobal.net.