Question 1: Are There Different Kinds Of Co-Ownership of Property? Yes, and not all types of property co-ownership avoid probate. The various ownership types consist of tenancy in typical, joint occupancy with right of survivorship and occupancy by the totality.
In all forms of co-ownership except occupancy in common, you can prevent probate. If you own property as renters in typical, however, your share of the property is part of your estate and need to pass through probate.
Question 2: What is Joint Tenancy?
Jointly owned property is a way that 2 or more individuals can own property. Couples can own their house as joint renters. You might also own other kinds of property as joint owners, consisting of personal effects, in addition to checking account or other possessions.
Question 3: What is Probate and How Does Joint Tenancy Prevent it?
Once you pass away, all of your property and financial obligations get lumped together into your estate. The estate debts must then be paid for before your property can go to brand-new owners, a procedure referred to as probate. However, if you own property as a joint tenant with right of survivorship, the other owners end up being the sole owners when you pass away. The property does not need to pass through probate.