In Colorado, specific laws govern how individuals own property together. There are generally two ways in which property is held: Joint tenancy or tenants in common:
- Joint Tenancy: Each owner has an equal and undivided share of the property. When one owner passes away, their share passes to the surviving joint tenant;
- Tenants in Common: Each tenant owns a percentage of the asset.
This Advance Care Planning topic reviews the pros and cons of each type of ownership.
