Co-Ownership of Property and Preventing Probate– 3 Concerns

Question 1: Exist Various Kinds Of Co-Ownership of Property? Yes, and not all types of property co-ownership prevent probate. The different ownership types include occupancy in common, joint occupancy with right of survivorship and tenancy by the totality.

In all kinds of co-ownership except occupancy in common, you can avoid probate. If you own property as occupants in common, nevertheless, your share of the property is part of your estate and must pass through probate.
Question 2: What is Joint Tenancy?

Jointly owned property is a manner in which 2 or more individuals can own property. For instance, couples can own their house as joint occupants. You might likewise own other kinds of property as joint owners, consisting of personal property, along with bank accounts or other properties.
Question 3: What is Probate and How Does Joint Occupancy Avoid it?

Once you die, all of your property and debts get lumped together into your estate. The estate financial obligations need to then be spent for before your property can go to brand-new owners, a process called probate. Nevertheless, if you own property as a joint occupant with right of survivorship, the other owners become the sole owners once you pass away. The property does not have to go through probate.