Joint tenancy vs tenancy in common

[Mike Boss]

I own a house in OH (no mortgage) with my relative. We have it in Joint Tenancy and do everything 50/50. I was hoping someone could explain the difference between joint tenancy and tenancy in common; and which one is better for me. 

From what I understand Joint tenancy has right of survivorship. Does this mean if my relative passed away I would own the property in severalty and his heirs would not take his share of ownership? severalty means I have full ownership of the property? If we have joint tenancy does this mean his wife does not inherit his share? 

Regarding joint vs tenancy in common. Which one is appropriate for different situations? 

How does one go about changing the type of tenancy ownership? Call the title company? 

[Tom Gimer]

@Mike Boss You've got it right. The last remaining survivor in a joint tenancy takes 100%. A wife would not "inherit" because the joint tenancy interest does not go through probate. This is a general rule.

If you want your heirs to take your interest, you title as t/c. If you want the survivor to take outside of probate, you title as j/t.

To change from a j/t to t/c you would have all joint owners execute a new deed to those same owners as tenants in common. If you wanted the share to be other than 1/2 or 1/3 1/3 1/3 or 1/4 1/4 1/4 1/4 etc. (the default for 2, 3 and 4 tenants and so on) you would include the shares or percentages in the grant.