When planning for the future, a will is one of the most important steps you can take to protect your loved ones. If you own real estate, it’s essential to include clear instructions on how you want your property handled after your passing. This prevents confusion and ensures your wishes are followed.
Whether you plan to leave your property to family, sell it, or fund a trust, these details should be clearly outlined. Without proper instructions, disagreements can arise during a difficult time for your family.
Why Understanding Property Ownership is Key to Your Estate Plan
Another consideration is how your property is titled. Does your property have a Joint ownership?
Let’s break down what joint ownership means.
Joint ownership refers to a legal arrangement where two or more individuals share ownership of a property. There are different types of joint ownership, but the most common are:
Joint Tenancy: In this arrangement, each owner has an equal share of the property. If one owner passes away, their share automatically passes to the surviving owner(s) (this is called the "right of survivorship").
Tenancy in Common: Each owner has a specific share of the property, which can be unequal. When an owner passes away, their share goes to their heirs, not the surviving owners.
Tenancy by the Entirety: This is a form of joint ownership between married couples. It includes the right of survivorship, meaning the property passes to the surviving spouse when one dies.
When do you review your Will?
If you’ve recently purchased property or haven’t reviewed your will in a while, now is the perfect time to update it. Keeping your will current ensures your real estate plans align with your intentions.
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