If you own real estate, it’s important to determine what will happen to it upon your passing. Failing to include provisions for distributing any real property in your estate planning documents will essentially leave it in the hands of the state—and the laws of intestate succession don’t take into account complicated family dynamics. Depending on how the property is titled, though, you may or may not have control over who inherits some or all of it. As such, here’s what property owners should know about transferring real estate to beneficiaries upon their passing. 

If You Have Sole Ownership 

To have sole ownership of a property means it’s in your name alone. As such, you can award it to whomever you wish after death. In order for real estate to transfer to applicable beneficiaries, though, it must go through probate. That means those named in your will cannot simply assume ownership as soon as you pass. They will have to go through the proper legal channels first. 

If You Have Joint Ownership 

If you own the real estate with one or more individuals, you are said to have joint ownership. When the other owner is your spouse, the real estate is considered community property. In the state of Nevada, married couples may hold community property with right of survivorship. This means when one spouse dies, the other automatically assumes sole ownership without the property having to pass through probate. If, on the other hand, there is no designated right of survivorship, spouses may leave their half-interest to whomever they wish. 

If you own real estate with someone other than your spouse, it’s not considered community property, but many of the same rules could apply when estate planning. For example, the property could still be owned with right of survivorship, which means it would automatically transfer to the other owner upon your death. If there is no right of survivorship, the property is said to be owned as “tenants in common,” and each owner can bequeath his or her share to eligible beneficiaries. 

If you need help drafting or modifying any estate planning documents, turn to Goicoechea, DiGrazia, Coyle, & Stanton in Elko, NV. This firm has been counseling clients in a broad range of areas since 1976. Representing both individuals and businesses, their areas of expertise include personal injury law, civil litigation, business law, wrongful death, and probate. To discuss your estate planning needs with a member of their team, reach out online or call (775) 738-8091.