Tuesday 24 February 2015

Does property owned jointly already belong to the surviving spouse, or is it considered part of the "estate" of the deceased?

Question

Does property owned jointly already belong to the surviving spouse, or is it considered part of the "estate" of the deceased?



Answer

It depends on the form of joint ownership. In a joint tenancy with rights of survivorship, or a tenancy by the entirety, the surviving succeeds to the deceased spouse's interest by operation of law (automatically, no probate needed). In a tenancy in common, the deceased joint tenant's interest passes to the deceased owner's heirs (no will) or legatees (beneficiaries named in a will). A probate proceeding is usually needed in the latter instance.



No comments:

Post a Comment