What can Be Done with Tenancy in Common Property?
The reason many estate planners in Virginia shy away from Tenancy in Common is that they are not sure what can be done with the property once it is inherited. They are afraid that the family might be put in an awkward position if one individual wants to sell the property but the others. One of the benefits of tenancy in common property is that an ownership interest can be sold, given, or left to another heir in the same manner that they would an individually owned property. If there is a joint tenancy option or clause then property will go to the survivors of the original estate.
Related Questions
- Can a couple convert to a tenancy in common and, as a result, leave their share of their joint property to someone other than their spouse (e.g. their children)?
- What is the difference between property ownership in joint tenancy from ownership in tenants in common?
- What can Be Done with Tenancy in Common Property?
