Tenancy by Entirety

Tenancy by entirety is a type of joint ownership. In most states, it can only exist between husband and wife. When one spouse dies, the property passes directly to the surviving spouse. This transfer takes place without any regard to the will. One-half of the value of the property transferred is included in the gross estate of the first spouse to die.

Note: Do not confuse Tenancy by Entirety with Tenancy in Common.