Declarations of a Trust where a Property is owned by two or more people
There are two distinct forms of joint ownership. If there is a “joint tenancy”, the property automatically passes to the surviving owners on the death of one owner. This will happen even if a will says otherwise.
Under a tenancy in common arrangement, the property can be owned equally or in any other agreed proportions. A tenancy in common share can be left by will or will pass under the intestacy rules. A declaration of trust will record the ownership shares and any other arrangements between the property owners.
Ownership can be changed from one form to another, where needed.