Real estate is one of the most valuable assets people own during
their lifetime and therefore needs careful consideration as part of
an estate plan. Owners don’t always realise that real estate
may not always pass pursuant to their Will.
The two methods of holding joint property
Where two or more people own property, they can hold it jointly
as joint tenants or as tenants-in-common. The mode of ownership is
significant and dictates what happens to the property on the death
of one of the joint owners.
Owning a property as joint tenants means that when one of the
joint owners dies, the property automatically passes to the
surviving joint o
wner(s), irrespective of what is in the deceased person’s
Will.
