There are two ways you can own property either Joint Tenants or Tenants in Common. Joint Tenants means that the owners own the property jointly as if they are one person. When one owner dies the property automatically vests in the surviving owner(s). This is known as the “right of survivorship” and is often how husband and wife own property. Tenants in Common is a little different as the property owners own their respective shares in their own right. This means if they were to pass away then their share would be distributed in accordance with their Will or in the absence of having a Will it would be distributed in accordance with the laws of intestacy.
This is common where two owners would like their shares to be left to other people rather than each other (i.e. perhaps a child and parent owning property, or couples from blended families).
It is crucial that you know how you own your real property. If you or one of the other property owners was to pass away you need to be aware of what that means for you.
It is quite common for us to come across a situation whereby a client instructs us to act on the estate of their late partner and realises that their matrimonial home is in the deceased’s sole name. Therefore to transfer the title of the home from the deceased to the spouse we will require a Grant of Probate from the NSW Supreme Court which can be a timely and costly process.
If you or someone you know needs advice on estate planning contact our experienced team of solicitors today on 4627 3333.
It is important to be aware so that you can plan for the future.
If you or anyone you know need legal advice, help or assistance contact us today on 4627 333.
This article was published on 1/11/23 and the information is valid only to the date of publishing. This article should be considered merely general and non-specific on the subject matter and is not and should not be considered or relied on as legal, advice. Meehans Solicitors is not responsible in the event this information is relied upon by the reader in the absence of specific legal advice.