Property in England and Wales when jointly owned is held as legal joint tenants (being the persons registered as the legal owners of the property, or, where it is unregistered, the legal owners), who hold it on trust for the beneficial owners (usually themselves, but not always). The beneficial ownership can be held as joint tenants or as tenants in common. The former means that the beneficial owners each own the whole of the property (‘per muy et per tout’); the latter means that the parties have defined interests (which, if there is no declaration of trust is rebuttably presumed to be equal