Estate Planning - "Joint Tenants" VS "Tenants In Common"

What is Joint Tenants?

It refers to a property bought by 2 or more persons as joint tenants and upon the death of one joint owner, his interest in the property is taken over by the surviving owner(s). A joint owner may not will away his interest in the property to others in his Will.

What is Tenants in common?

Property owned by 2 or more persons as tenants in common means that each owner has a specified share or proportion in the property.

For example, such share allocation could be on an equal basis (50%-50%) or 80% - 20% basis etc. Each owner may be able to dispose his share in the property either by sale or under his Will. Upon one owner's death, the surviving co-owner(s) do(es) not take over the deceased's interest in the property as is in the case of joint tenancy. His share passes under his will or in accordance with the law of intestacy, as the case may be.

Article extracted from The Sunday Times