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Jointly Owned Property and Wills – The Connection If you own your property as Joint Tenants with another person or people, you may decide that you want to change the ownership, so it is then held as Tenants in Common instead. This will enable you to gift your share of the property to someone other than your co-owner(s) within your Will. This is important in cases such as estrangement between co-owners of a property, or when people co-own a property for business purposes, but do NOT wish for their respective shares of the property to pass to their co-owners(s) for family reasons for instance. Joint Tenancy (JT) If you own your property as Joint Tenants with another person or people, this means that all owners hold 100% of the property together, and it is NOT divided into distinct shares. You all have equal rights to the WHOLE property, and if the property is sold, you will each be entitled to an equal share of the net sale proceeds. A JT creates “Rights of Survivorship”. The result is that when one co-owner dies, the remaining co-owner(s) will automatically own the WHOLE property. This means that a Joint Tenant CANNOT gift their interest in the property to anyone other than their co-owner(s) in their Will. Tenants in Common (TIC) If you own your property as TIC, then you will each have a distinct share in the property. You may then gift your share of property via your Will, via a protective Trust or to people other than your co-owner(s).