Joint Property Might Not Be Subject to Probate
Whether or not your joint property needs to go through the probate process depends on exactly what its type of ownership is. There are three different types of joint ownership of property, including the following:
- Tenancy in common. In this type of ownership, two or more people own a piece of property. Each owner is entitled to a full possession of the entire property, and can sell his or her interest in the property without the other cotenants having to consent to it. At the time of his or her death, the tenant may leave interest in this property to a beneficiary. This interest is then subject to probate.
- Joint tenancy with right of survivorship. In this type of ownership, two or more people own an undivided interest in a property. Joint tenants have what’s known as the right to survivorship, which means if any of the joint tenants were to die, the others would then acquire his or her interest in the property. Any property held in this manner is not subject to the probate process.
- Tenancy by the entirety. In this type of ownership, spouses own the property together. Each spouse inherits the other’s share of the property upon a death, and both own the entire property as a marital unit. This type of property does not go through the probate process.
To learn more about different types of joint ownership and whether your property is subject to the probate process, contact the experienced Florida estate planning attorneys at the Charles Law Offices.