August 20, 2024
Does Tenancy in Common Avoids Probate? | Tenants in Common vs Rights of Survivorship
In this video, we explore whether Tenancy in Common avoids probate and compare it with rights of survivorship. Learn about the key differences, legal implications, and how each type of ownership can impact estate planning and inheritance. This information is crucial for making informed decisions about property ownership and protecting your assets.
Episode Transcript:
Brother and sister inherited and are tenants in common of a home, brother later passed away. He was unmarried and no children, so his interest in the home went to sister. Is there any way sister can sell the home without needing to probate brother’s estate?
Here’s the thing. There’s two types of joint ownership. There’s what’s called tenancy in common and then joint ownership with right of survivorship. So with tenants in common, what happens is if they’re joint, one person passes away, their share goes into their estate. With joint ownership with rights of survivorship, it goes to the survivor.
So unfortunately in this situation, if it was tenants in common and it didn’t list joint ownership with right of survivorship, it would go to the survivor. They’re going to have to go through a probate. There’s no other way around it. Unless the deed specifically said joint ownership with writer survivorship, unless it’s a married couple, they’re going to assume it’s tenants in common.
With tenants in common, that’s going to go to, unfortunately, probate.
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