This question has been asked numerous times. And my answer is – it depends on your purpose.
Most parents, as they get older, would want to add their adult children on title of their home to save on probate fee when they pass. Yes, although it is true that you can “save” on probate fee, but it can cost you more financially and have significant legal impact down the road.
Joint Tenancy vs. Tenants in Common
Property owned by more than one person must be owned in one of two ways: Joint Tenancy or Tenancy in common. When a property is owned in a joint tenancy arrangement, the interest of a deceased owner automatically gets transferred to the remaining surviving owner(s), meaning the surviving owner(s) has the right of survivourship. On the other hand, if the property is in tenants in common, the interest in the property becomes owned by the estate of the deceased and is transferred to beneficiaries by the estate.
A bit about myself. I am a member of the British Columbia Notaries Public Society. I want to answer some of the most common questions that my clients have through my blog. Hope you find it useful.