Your home is one of your most important assets. When drafting your will, you want to ensure that this real estate ends up in the right hands. Find out what residents of Ohio need to know when it comes to passing on legal ownership rights of a home below.

Sole Ownership

Just what happens to your house after you pass on depends on who the legal owners are. If you are the only owner of the property, meaning no other name is on the deed, you need to designate who the deed should be transferred to in your will. When the will has gone through probate, the executor of your estate oversees the ensuing transfer of real estate.

Joint Ownership

Alternatively, you may own a property jointly, for example with your spouse. If you have a property deed with both of your names on it and no further legal designation, you are classified as "tenancy in common". In this case, each person on the deed owns a percent interest. When one "tenant" passes away, their ownership interest is transferred through their will to the persons designated therein. If you're married, this will likely be your spouse.

It’s also possible to designate a status on a jointly owned property deed known as “joint tenants with right of survivorship”. In this case, if one of the co-owners passes away, the other person automatically becomes the sole owner. This is popular among couples because it allows them to avoid the time-consuming probate process that wills are subject to. 

The attorneys of Lane, Felix & Raisbeck CO, LPA have been providing residents of Cincinnati, OH, and the surrounding areas with trustworthy estate planning guidance for over 30 years. This law firm creates tailor-made solutions for each client and will figure out the best solution for your real estate situation. Learn more about their attorneys and their combined 60 years of experience on their website. Call (513) 922-7700 to schedule a meeting.