What is the implication of the joint tenancy when it comes to a deceased tenant's Will?

Prepare for the CFP Estate Planning Evaluation. Utilize flashcards and multiple choice questions, each with hints and explanations. Ensure your success on the exam!

The implication of joint tenancy in relation to a deceased tenant's Will is that it has no effect on the tenant's Will. In a joint tenancy, when one tenant passes away, their interest in the property automatically transfers to the surviving tenants due to the right of survivorship. This means that the deceased's portion does not become part of their estate and is not subject to distribution according to their Will.

Thus, even if the tenant had made provisions in their Will regarding the distribution of their assets, those directives do not apply to property held in joint tenancy. The surviving tenants simply continue to own the property as before, which illustrates how joint tenancy operates independently of the deceased's Will. This characteristic of joint tenancy is significant for estate planning, as it ensures that certain assets can bypass the probate process entirely.

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