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  • Adam Bartsch

Co-Ownership of Property:How Title Affects Your Estate Plan

Two or more people may simultaneously own the

same property, for instance a camp on the lake. But what

happens to a person’s share of co-owned property when

they die? There are two alternatives: (1) the deceased

person’s share can remain part of their estate and pass

to their heirs or beneficiaries, or (2) the share can pass to

the surviving co-owners of the property. Who decides

which course is followed? That is determined when the

property is purchased by how the property is titled. There

are two principal forms of title for co-owned property:

“tenancy in common” and “joint tenancy.” There’s also a

variant of joint tenancy called “tenancy by the entirety.”

Each of these ownership forms is reviewed in this NEET

Notes, with a description of the implications each form of

ownership has for your estate plan.

2016 - 02, Co-Ownership of Property
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