subject: Probate Administration of Jointly Owned Properties [print this page] Probate Administration of Jointly Owned Properties
After the death of an individual, his/her property goes through the probate process to ensure that it is divided properly. In case of the presence of a will, the estate is re-titled according to its directives. Otherwise, the assets are divided among the direct relations, if any, as per the state rules and regulations.
What happens to the property held by two or more individuals? Does it follow the probate process? The answer, like most legal questions, is relative. Joint ownership may be of different types. Your probate lawyer can help you understand whether the joint property has to go through the procedure or not.
Let us have a look at the types of joint ownership. And whether they are subject to the probate process or not.
Tenancy in Common: When two or more people share a property on this basis, each of them have complete possession of the asset. They do not need the consent of their co-tenant(s) if they wish to sell their entitled interest. If the will bestows their interest in the property to an heir, probate administration action needs to be initiated.
Tenancy with Right of Survivorship: In case of this type of ownership, if one of the tenants dies, the others have the right to acquire the interest of the one dead. It is a direct transfer of the interest in the property and is therefore not under the process.
However, there is a catch. If a joint tenant transfers his/her interest in a particular property to someone who is not part of the joint tenancy agreement, the right of survivorship is not effective. In such a circumstance, it acquires the status of a tenancy in common and thus is within the reach of the probate process.
Tenancy by the Entirety: This type of ownership is only possible between spouses. In case one of them dies, the other automatically gets the right of interest in the property. This is somewhat similar to the tenancy with right of survivorship.
However, there is one distinction between the two. There is no question of passing the title to the property; as a couple, each own complete interest in the property. This is why there is no question of initiating probate proceedings in case of such a property.
Florida probate administration of joint property needs to be left to the right professionals. Adequate knowledge about the associated legalities and experience in handling such matters is the benchmark when it comes to choosing a lawyer to tackle the job.
Whether you want advice on what type of joint ownership is suitable, or help in creating the documentation or assistance to initiate the probate process, you need to discuss it with a competent lawyer specializing in this section of US law.
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