What is the difference between owing a home as joint tenants and tenants in common ?
If you own a home as joint tenants, you both own the whole property, not merely an individual share. When one of you dies the survivor automatically inherits the deceased's share and becomes the sole owner. As a tenant in common, you own only that specific share - not necessarily one half - and you can dispose of it in any way you think fit. Tenants in common is a much more flexible way of holding property than joint tenants in particular with respect to ensuring that your children will inherit at least half of the property if the surviving spouse remarries or requires residential care.