Concern 1: Are There Different Types Of Co-Ownership of Property? Yes, and not all types of property co-ownership prevent probate. The different ownership types consist of occupancy in common, joint tenancy with right of survivorship and tenancy by the whole.
In all forms of co-ownership other than occupancy in common, you can avoid probate. If you own property as occupants in common, however, 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 manner in which two or more people can own property. Couples can own their house as joint tenants. You might also own other kinds of property as joint owners, consisting of personal effects, as well as checking account or other assets.
Question 3: What is Probate and How Does Joint Occupancy Prevent it?
Once you pass away, all of your property and debts get lumped together into your estate. The estate debts need to then be paid for before your property can go to brand-new owners, a process known as probate. 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 have to pass through probate.