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, the members are sometimes unaware of their share in ownership, but the title is gained through a will.

Two rights are 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 the 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 is automatically converted into an ordinary contract. 

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

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