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When co-owning a property with another person, it’s important to consider who you’d like the assets of your estate to transfer to after your passing. In situations involving tenancy in common, probate can look a bit different than those pertaining to an estate’s sole ownership, so understanding what you can expect from the process is a must. At Rooth & Rooth Elder Law Attorneys, our team of experienced estate planning attorneys offers legal guidance in navigating probate for estates with multiple co-owners.

How Does Tenancy in Common Work?

Tenancy in common occurs when two or more people have shares of ownership on a property or piece of land. However, this does not mean that the two owners always have equal shares. As the percentage of ownership in tenants in common is calculated based on contributions, you may find an instance where one person owns 30% of the property while the other retains the rights to 70%. While these estate arrangements can allow co-owners to independently sell or borrow a portion of ownership, they also allow property owners to decide who can claim their assets after death through a Last Will and Testament.

The Probate Process for Tenancy in Common

Though a tenancy in common can be a flexible means of joint ownership of a property, it does require following the probate process when a co-owner dies. Probate refers to the legal process of designating ownership of assets from a deceased individual’s estate to named beneficiaries. Regardless of whether or not a will was put in place, inheritors of a property share and its assets will need to apply for the legal rights to oversee the estate.

While oftentimes complex and time-consuming, going through the probate process leads to more benefits than simply ensuring that the beneficiaries of the deceased co-owner receive their fair share of the property. Probate can also accrue an estate tax return if the estate is large enough and allow creditors to determine claims for payment from such estate while also providing the heirs with a stepped-up tax basis for the inherited real estate.

Get Estate Planning Help With Rooth & Rooth Elder Law Attorneys

Transferring assets from tenants in common to your heir can be a tedious and expensive process. That’s why working with experienced estate planning attorneys from Rooth & Rooth Elder Law Attorneys ensures that you get the best legal solutions even for the most complex issues. Contact us today to learn more about how you can get the help you need to navigate all of your estate planning concerns.