Question 1: Are There Various 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 occupancy with right of survivorship and occupancy by the entirety.
In all kinds 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 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 occupants. You may likewise own other kinds of property as joint owners, including personal effects, in addition to savings account or other assets.
Question 3: What is Probate and How Does Joint Tenancy Avoid 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 brand-new owners, a procedure referred to as probate. However, if you own property as a joint renter with right of survivorship, the other owners become the sole owners as soon as you die. The property does not need to pass through probate.