Distinctions Between Joint Tenancies
In Indiana, joint occupants can own real estate jointly as occupants in typical or as joint renters with right of survivorship. Locals can also own specific personal property jointly as occupants in common or as joint tenants with right of survivorship. Two people can own their bank account collectively as joint tenants with survivorship rights or as tenants in common.
For unmarried people, the Indiana Code presumes they own their property as tenants in typical and not as joint tenants with survivorship rights. Unmarried partners must state they prefer to hold their property together as joint occupants with right of survivorship and not as occupants in typical to overcome the legal anticipation set forth in the Indiana Code.
It is crucial to point out that the legal anticipations may not extend to bank accounts.