Concepts Definitions
Joint Tenancy: A form of co-ownership of property by two or more parties, each holding an undivided interest with the right of survivorship [principlesLS, 60, 61, 446]. Key elements often include “time, title, interest, and possession” (TTIP), which must be equal and acquired at the same time and by the same deed.
Right of Survivorship: A defining feature of joint tenancy where, upon the death of one co-owner, their share of the property automatically passes to the surviving co-owner(s), bypassing probate.
Corporation: A legal entity, considered an “artificial person,” that can own or lease assets and enter into contracts [principlesLS, 63; financeLS, 430]. It has perpetual existence, meaning it continues to exist regardless of the death or change of its shareholders.
Perpetual Existence: The legal characteristic of a corporation that allows it to continue its operations indefinitely, separate from the lifespan of its individual owners or members.
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