Question: We are two single men in a committed relationship who want to buy a home. If one of us dies, we want the other one to own the home. In other words, we do not want either of our families to have any interest in the home until both of us die, and then under our wills the family of the survivor will own the home. How should we hold title to the home?
Answer: Joint tenancy with right of survivorship. If two unmarried individuals hold title to a home as joint tenants with right of survivorship, and one of the joint tenants dies, the surviving tenant will own 100 percent of the home. This transfer of ownership to the surviving joint tenant is basically automatic, although a title company will require the recording of the death certificate and the waiver of any estate tax from the Arizona Department of Revenue.