Owning property is often one of the most significant financial commitments a person makes in their lifetime. Yet, when it comes to estate planning, many people overlook a critical detail: how that property is legally owned. Before drafting a Will, understanding the structure of property ownership is essential, because it can determine whether your wishes are actually carried out after your death.
Property ownership isn’t just about whose name is on the title—it’s about the type of ownership. Property can be held in different ways, such as sole ownership, joint tenancy, or tenants in common. Each structure has distinct legal consequences for what happens when one owner dies.
For example, property held as joint tenants passes automatically to the surviving owner through a principle known as the “right of survivorship.” This transfer happens outside of your Will, meaning that even if your Will says otherwise, it won’t override this legal mechanism. On the other hand, property held as tenants in common allows each owner to leave their share to whomever they choose in their Will.
Failing to understand this distinction can result in unintended outcomes—such as a property passing to a co-owner instead of a spouse, child, or other intended beneficiary.
A common misconception is that a Will governs all of your assets which in reality is not the case. Certain assets such as jointly owned property bypasses your estate completely as outlined above.
This is especially important in blended families or situations involving business partners or multiple co-owners. Without careful planning, your share of a property might not go to your intended heirs, potentially creating conflict or financial hardship.
The key takeaway is that estate planning isn’t just about writing a Will—it’s about ensuring that all aspects of your asset ownership align with your intentions. Before drafting or updating your Will, you should:
- Review how each property is owned;
- Consider whether the current structure reflects your wishes (i.e. consider severing a joint tenancy if necessary);
- Seek legal advice if changes are needed.
The bottom line is before you draft your Will, make sure you know not just what you own—but how you own it.
If you or someone you know needs to update their Will contact our team of experienced Solicitors today on 4627 3333.
This article was published on 15/09/26 and the information is valid as at the date of publishing. This article is general in nature 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.
