Question 1: Exist Various Types Of Co-Ownership of Property? Yes, and not all kinds of property co-ownership prevent probate. The different ownership types consist of occupancy in common, joint occupancy with right of survivorship and tenancy by the whole.
In all kinds of co-ownership other than occupancy in typical, you can avoid probate. If you own property as occupants in common, nevertheless, your share of the property belongs to your estate and need to go through probate.
Question 2: What is Joint Tenancy?
Jointly owned property is a method that two or more individuals can own property. For instance, couples can own their house as joint tenants. You may also own other types of property as joint owners, consisting of personal effects, as well as checking account or other properties.
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 financial obligations must then be paid for prior to your property can go to new owners, a process called probate. If you own property as a joint renter with right of survivorship, the other owners become the sole owners when you die. The property does not have to go through probate.