1. Money

Tenants in Common

By

Definition: A form of joint ownership of property without rights of survivorship in which each owner owns an undivided specific percentage of the property. When one owner dies, their ownership rights will pass to their estate or under the terms of their Last Will and Testament or Revocable Living Trust, not to the other tenant in common owner or owners of the property (unless the other owners are the deceased owner's heirs at law or named beneficiaries in the Last Will or Revocable Living Trust). This is usually the default form of ownership when an account is held by two or more people and how multiple beneficiaries inherit property through intestacy, a Last Will and Testament or Revocable Living Trust after someone dies. Contrast this to "Joint Tenants With Right of Survivorship" and "Tenants by the Entirety."

Abbreviated as TIC, TEN COMM and JT TIC.

Also Known As: Tenancy in Common, TIC, TEN COM, JT TIC

©2014 About.com. All rights reserved.