Q: If shares and corporate bonds are issued in the joint rental name of a husband and wife, can either sell or give them away without the other participating in the transfer of ownership? A: No. C. A person who is entitled under paragraph A or B of this section to prove the termination of a deceased interest in real property under this section may do so by submitting the following to the office of the clerk of the county where the property is located: Q: Why do some persons prefer joint tenancies? A: Because of the “Survival” feature. When a co-owner dies, his interest ends in favor of the survivor, instead of passing according to the will of the deceased owner or according to inheritance law. If you own real estate, such as a house or land, as a roommate with another person and that other person dies, you can only transfer the deed in your name by filing a document with the clerk of the county where the house or land is located. You don`t need a lawyer for this. You will need to submit documents to the District Clerk. If the property is given to you and another person with one of these types of joint tenancies, it can be terminated using this form and transferred to the name of the only surviving tenant: Q: If joint tenancies have disadvantages, why are they commonly used? A: Probably because they have been widely recommended by well-meaning people who don`t fully understand their complexity. Joint rentals can be misleading in that creating a flatshare is quite simple, however, the above possible disadvantages of a joint rental property are generally not known or understood. In the case of small estates that pass entirely to one of the spouses, roommates can save the costs of administering the estate through an estate upon the death of the first deceased. Joint tenancies in a large marital estate or joint tenancies with someone who is not your spouse while saving the cost of the “estate” can have unintended consequences that cost a much higher amount than the cost of an estate plan that includes a will and possibly a trust.

Please consult a lawyer. This form only works in some circumstances, but not in others. Even if this form works for you, you may make a mistake by filling out the form. Errors could cause problems with the ownership of the property. While I provide this form for informational purposes, I strongly recommend that you do not submit the form without the assistance of competent legal counsel. Q: Are joint rentals ever recommended? A: In some cases, yes. However, colocation may not be the best way to hold property. Only a lawyer is qualified to advise you on the best method to own property, and your case will be different from any other case.

This form is only valid for properties in Oklahoma. It will not work to transfer goods to other states. To transfer the property to another state, contact a licensed real estate attorney as an attorney in the state where the property is located. If the roommate died on or after January 1, 2010, you will need: If the roommate died on or after January 1, 2010, you may need to file an estate tax return with the State of Oklahoma BEFORE you can cancel the tenancy. This form is only used to transfer property that is co-located at the time of an owner`s death. To find out if the property is shared, look at the deed that transfers the property to you. If the words “colocation” appear on the deed, the property is likely to be shared. Q: If a person buys a property and acquires ownership of a flatshare, is the property taxed in their estate at the time of death? A: If the co-owners are husband and wife, no federal or Oklahoma estate tax is due on the death of the first spouse with respect to joint ownership. The unlimited marriage deduction applies. Upon the death of the second spouse, the property is likely to be subject to federal estate tax unless it is bequeathed to a new spouse or charity, or the second spouse`s assets are too small to require payment of federal estate tax. The rest of the information should be quite explicit. Cynthia W.

said: Fantastic forms, thank you for providing them. Q: If ownership of a property is held by two roommates, can its interest in a third party be transferred alone? A: Yes, but the buyer is only entitled to an undivided half interest. The other half of the interest belongs to the roommate who did not mediate. If the roommates are married to each other and the property is owned by the couple, other restrictions apply. A transfer by a roommate to a third party destroys the roommate, so the property is then held as a roommate. Q: Does a joint rental between husband and wife disinherit the children? A: Yes, because the entire common rental property is transferred to the survivor free of any obligation to the children. One experience that has occurred with unfortunate frequency is that the surviving widow remarries and transfers the property with the second husband to a roommate, so that after his death, the father-in-law receives the property to the exclusion of children.. .