Concern 1: Are There Various Kinds Of Co-Ownership of Property? Yes, and not all types of property co-ownership avoid probate. The different ownership types consist of occupancy in common, joint occupancy with right of survivorship and occupancy by the whole.
In all types of co-ownership except occupancy in common, you can prevent probate. If you own property as tenants in common, nevertheless, your share of the property belongs to your estate and should pass through probate.
Question 2: What is Joint Tenancy?
Jointly owned property is a method that two or more people can own property. Couples can own their home as joint occupants. You may also own other kinds of property as joint owners, including personal effects, in addition to bank accounts or other properties.
Question 3: What is Probate and How Does Joint Tenancy Avoid it?
Once you die, all of your property and financial obligations get lumped together into your estate. The estate financial obligations need to then be paid for prior to your property can go to brand-new owners, a process referred to as probate. However, if you own property as a joint renter with right of survivorship, the other owners end up being the sole owners once you pass away. The property does not need to travel through probate.