Co-Ownership of Property and Preventing Probate– 3 Questions

Concern 1: Exist Different 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 typical, joint occupancy with right of survivorship and occupancy by the totality.

In all kinds of co-ownership other than occupancy in typical, you can prevent probate. If you own property as tenants in common, nevertheless, your share of the property becomes part of your estate and should go through probate.
Question 2: What is Joint Tenancy?

Jointly owned property is a way that two or more people can own property. Couples can own their house as joint renters. You might likewise own other kinds of property as joint owners, consisting of personal property, as well as savings account or other possessions.
Question 3: What is Probate and How Does Joint Occupancy Prevent it?

Once you die, all of your property and debts get lumped together into your estate. The estate debts should then be paid for before your property can go to new owners, a process called probate. However, if you own property as a joint renter with right of survivorship, the other owners end up being the sole owners when you pass away. The property does not have to go through probate.