TBE is only offered in certain states. Some additional language might be required. However, bankruptcy courts in other jurisdictions may be required to address TBE issues if the debtor owns out-of-state property as a tenant by the entirety. Tenancy in common is the default ownership form for unmarried co-owners but can also be used by married couples. Example: Mom adds her son, George, as a joint owner on her bank account. Of course, if the surviving spouse is the debtor, then upon the death of the first spouse, the asset is available to the creditors. Tenants by the Entireties: A Viable Asset Protection Strategy? Call us today to schedule an appointment or fill out a quick form to let us know youre ready to talk. 91-3-9. Several years ago, during one of the hurricanes, my owner looked out on the front porch and was surprised by a Great Dane cowering in the corner. JTWROS Versus JT TEN: Understanding the Difference Vermont, Virginia, and Wyoming. It was CNL bank. Married couples can hold real and personal property (e.g., homes, and investment and bank accounts) as tenants by the entirety. Tenants by the Entirety Property In Bankruptcy The time has come to address one of my biggest pet peeves, because it is relevant year-round, and despite providing lectures to banks about all the pitfalls, they still allow their customers to establish joint accounts with someone other than their spouse. Intestate Succession in Virginia: Everything You Need to Know. joint tenants, tenants in partnership, tenants by the entirety, trustees or beneficiaries of a trust, general . Properties usually held in joint tenancy include homes and real estate, cars, boats, and bank accounts. A properly crafted power of attorney or trust agreement can offer a much more comprehensive solution, but it can take some time and effort to ensure this is done correctly; and this is where a competent estate planning attorney can provide invaluable assistance. Conveyances Between Husband and Wife, 5302.21 Prior Tenancy by the Entireties or Survivorship Tenancy, Joint Interest - Joint Tenancy - Tenancy by Entirety, ORS93.180: Forms of Tenancy in Conveyance or Devise to Two or More Persons, Title 27: Property, Chapter 005: Conveyance of Real Estate. Example: Mr. and Mrs. Lang own a home as tenants by the entirety with rights of survivorship. They divorce, but they never retitled the home.