What are the various types of ownership?
Most married couples chose “tenants by the entirety.” If one of the parties dies, the other automatically inherits the property without regard to wills or probate. This may not be a good idea it the couple had children by a previous marriage. The surviving spouse would inherit all and the children could get nothing. Also, in cases where the Federal Estate tax may be an issue, it could be advantageous to hold title as tenants in common. Unmarried persons may choose “tenants in common” or “joint tenants.” In tenants in common each owns a portion of the property and may convey that portion independently while alive or in their will. In joint tenancy, each may only convey together and the survivor inherits. An attorney should be consulted for further details on the types of ownership.
