Clarifying Information:

Wyoming Statute Definition of Property Ownership

Real property is fixed, permanent or immovable, this includes land, houses, buildings or mobile homes. Unless there is a legal condition of ownership specifically prohibiting sale of any part of the resource without permission of all owners, the client's share is an available resource.

Definition of Joint Tenancy

Joint tenants have legal ownership where both parties have undivided interest in a piece of property. Both equally own the entire property. The joint tenancy ends when one of the two individuals dies. At that point in time, the survivor solely owns the entire property. No heirs inherit from the person who died. Neither party may convey or encumber his or her interest in the property without the consent of the other.

Definition of Joint Tenancy with Survivorship

This is identical to Joint Tenancy. The right of survivorship is the term required in Wyoming to allow the surviving joint tenant to claim their interest after the death of the other tenant. This title is needed to keep heirs from inheriting the property.

Definition of Tenancy in Common

Each tenant (owner) holds an undivided interest in the property. However, unlike a joint tenancy by the entirety, the interest of the tenant does not terminate upon his or her death. Their interest will go to their heirs or the estate.

Definition of Ownership by Entireties

This is identical to Joint Tenancy, and created between a husband and a wife.