Post by sailasathay44 on Jan 11, 2024 3:04:20 GMT -6
Joint Tenancy is a type of property right used in jurisdictions that adopt Anglo-Saxon law, which provides for the possibility of the same property being held simultaneously by more than one person in an indivisible manner, that is, a plurality of owners can hold, concomitantly, full ownership of the asset.
This type of right is commonly used in conjunction with a provision that establishes a succession direction in the sense that, with the death of one of the owners, the asset becomes automatically owned by the other surviving co-owners, thus not having the asset transferred to the 3rd. Such a provision is called Joint Tenancy with Rights of Survivorship (JTWRS).
The JTWRS is usually used in shares of offshore companies and in bank accounts held abroad.
From a succession perspective, JTWRS facilitates the transfer of assets between owners (i.e., transfer of shares to surviving shareholders), since there WhatsApp Number List is no need to open a local inventory (known as " probate" ) to carry out the transfer. of good to the other co-owners. As a rule, simply sending a copy of the death certificate to the jurisdiction's commercial board would be enough to meet the requirements, for example.
In this sense, in conjunction with the JTWRS, the preparation of a will in the jurisdiction is also an excellent precaution to be taken, as it is not possible to predict which of the owners will die first, it is necessary to draw up wills determining the transfer of the property between the parties. The will belonging to the last surviving shareholder is what will be used to open the probate in the jurisdiction.
Brazilian legislation does not provide for property rights similar to Joint Tenancy . The institute that comes closest is that of the condominium, however, with the relevant difference that the condominium owners own a fraction of the asset, while in Joint Tenancy, the owners simultaneously hold the entire asset, without dividing it.
Due to the lack of JTWRS provision in Brazilian legislation, there are some precautions to be taken so that there are no conflicts at the time of succession. Let's see.
As a general rule, the heirs are co-owners of the shared assets, in the portion established by law and respecting any testamentary provisions, thus, conflicts may arise with the existence of assets held abroad under JTWRS.
As in JTWRS the asset belongs simultaneously to all owners and, upon the death of one, it will remain with the others, we may not respect the sharing criteria established by Brazilian law, since heirs who do not belong to the joint tenancy may not receive the well and those who are part may not receive the correct percentage.
The JTWRS clause better accommodates Brazilian legislation when established between spouses, since this simultaneous property can be equated to the couple's common good, provided for by Brazilian legislation and its succession can be guaranteed to the surviving spouse via will.
This type of right is commonly used in conjunction with a provision that establishes a succession direction in the sense that, with the death of one of the owners, the asset becomes automatically owned by the other surviving co-owners, thus not having the asset transferred to the 3rd. Such a provision is called Joint Tenancy with Rights of Survivorship (JTWRS).
The JTWRS is usually used in shares of offshore companies and in bank accounts held abroad.
From a succession perspective, JTWRS facilitates the transfer of assets between owners (i.e., transfer of shares to surviving shareholders), since there WhatsApp Number List is no need to open a local inventory (known as " probate" ) to carry out the transfer. of good to the other co-owners. As a rule, simply sending a copy of the death certificate to the jurisdiction's commercial board would be enough to meet the requirements, for example.
In this sense, in conjunction with the JTWRS, the preparation of a will in the jurisdiction is also an excellent precaution to be taken, as it is not possible to predict which of the owners will die first, it is necessary to draw up wills determining the transfer of the property between the parties. The will belonging to the last surviving shareholder is what will be used to open the probate in the jurisdiction.
Brazilian legislation does not provide for property rights similar to Joint Tenancy . The institute that comes closest is that of the condominium, however, with the relevant difference that the condominium owners own a fraction of the asset, while in Joint Tenancy, the owners simultaneously hold the entire asset, without dividing it.
Due to the lack of JTWRS provision in Brazilian legislation, there are some precautions to be taken so that there are no conflicts at the time of succession. Let's see.
As a general rule, the heirs are co-owners of the shared assets, in the portion established by law and respecting any testamentary provisions, thus, conflicts may arise with the existence of assets held abroad under JTWRS.
As in JTWRS the asset belongs simultaneously to all owners and, upon the death of one, it will remain with the others, we may not respect the sharing criteria established by Brazilian law, since heirs who do not belong to the joint tenancy may not receive the well and those who are part may not receive the correct percentage.
The JTWRS clause better accommodates Brazilian legislation when established between spouses, since this simultaneous property can be equated to the couple's common good, provided for by Brazilian legislation and its succession can be guaranteed to the surviving spouse via will.