WROS

A property can be jointly owned by trustees (or multi-asset investment trusts), bank accounts, partners, or family members.

In the case of a family, sometimes, the members are not aware of their share in ownership but the title is gained through a will.

There are two rights offered to such tenancy reference – the right to enjoyment and freedom from the interference of others in the enjoyment. 

In the case of a joint tenancy (JT), each member has an equal right to the property. As per general regulations, in case of “with Right of Survivorship” or WROS, if one person dies, no interest in the assets owned as joint, passes to the deceased’s legatees.

If only JT is left after the death of others, the ownership automatically is converted into an ordinary contract. 

WROS is a popular co-ownership technique where some believe that such an agreement can save death taxes and also reduce estate settlement costs.

However, there can be issues in getting back personal assets held when a dispute arises.