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Phinney Estate Law

A Holistic Approach to Law

Power of Attorney

A Power of Attorney is a written legal document that gives an individual the authority to act for another. If the authority is to act for the principal in all matters, it is a general power of attorney. If the authority granted is limited to certain specified things, it is a special power of attorney. If the authority granted survives the disability of the principal it is a durable power of attorney.

Tenants in Common

In a tenancy in common, co-owners share undivided, fractional interests in property. Each co-owner has an individual, partial interest in the whole property. Their interests are undivided, which means no owner has a specific area or section of the property; instead, all co-owners must collectively share in ownership of the whole. Individual interests in jointly held tenancy in common property are subject to probate and do not pass automatically to anyone without additional legal steps. 

Joint Tenancy with Right of Survivorship:

A special form of co-ownership of property. In a joint tenancy with right of survivorship, co-owners share undivided, fractional interests in the whole property. As each co-tenant dies, his or her interest passes automatically to the surviving co-tenants. The last surviving joint tenant will own the entire interest in the land individually, and at that joint tenant’s death, the property will be distributed pursuant to his or her estate plan. A co-owner’s interest in a joint tenancy with right of survivorship is non-probate property.