Real estate is often the most valuable asset a person owns. Thus, deciding how a property will be passed down to loved ones is frequently a top concern during the estate planning process. While drafting a will offers a simple and effective solution for turning over possession of real estate to a new owner upon your death, you must understand that there are estate laws regulating the transfer of property ownership. Essentially, it will depend on how the property is titled.

A Guide to Property Ownership for Estate Planning 

Sole Ownership 

If a piece of real estate is titled in your name alone, this is referred to as sole ownership. Under these circumstances, you can name the person you wish to inherit it in your will. In most cases, the property must go through probate before it can be legally transferred to your beneficiary.

If you don’t leave a will behind providing instructions for the transfer of ownership, it will be distributed according to the estate laws where you reside. In West Virginia, if you have a spouse and children, they will inherit the property; otherwise, it will go to your next closest relatives. 

Joint Ownership 

Real estate titled in joint tenancy with rights of survivorship will automatically be left to the surviving owner after you pass away. This allows the co-owner to take over full ownership without going through probate. Estate law simply requires the new owner to fill out documentation to show they have clear title to the property.

If you have joint ownership of a property without survivorship rights, this is known as tenants in common. Both co-owners can designate beneficiaries in their will and ownership will be transferred through probate.

Working with an attorney who is well versed in estate law is essential when determining how to properly address the transfer of property in your will. The legal team at Kratovil Law Office, PLLC can explain all your options to help avoid conflict when it comes time to administer your estate. Based in Charles Town, WV, they serve residents throughout the state’s Eastern Panhandle and offer more than 40 years of combined experience assisting clients with all their estate planning needs. Call (304) 728-7718 to schedule a consultation or visit them online for more information on the various services they provide.