Titling of Assets
Proprietorship / Sole Ownership
is titled in only one name. The entire property is included in the gross estate of the decedent. Governed by will
(or by intestacy statute if no will).
Tenancy in Common
owned by more than one person. Each owner has a partial but undivided interest in the entire property. Governed
by will (or by intestacy statute if no will or property not addressed in will). See U.C.A. §§ 75-2-205(1)(b),(c).
Joint Tenancy with Rights of Survivorship (JTWROS)
Marital property is commonly titled in this manner, although it is not limited
to a marital relationship. This type of property, like a trust distribution, passes outside of the will (without need
for the probate court to make a determination relating to the property. The decedent's interest in the property is transferred
to the other joint tenants as a result of the death of the decedent. Business partners, friends, and family members
(other than just spouses) may own property jointly with rights of survivorship. Utah is not a community property state
and different rules may apply in other states, particularly community property states (like California).
Tenancy by the Entirety
This is not a type of ownership available in Utah. (U.C.A. §§ 75-2-205(1)(b),
75-2-206(1)). It is similar to joint tenancy with a central difference being that it is only available to a marital
couple and each spouse, by entering into this form of ownership, relinquishes the right to convey their ownership interest
in the property without spousal consent.