When you’re working on your will with an estate planning lawyer, one of the most crucial aspects you’ll need to address is the ownership of any properties you have. Factors such as the listed owners and the contents of your will determine how these assets will be distributed after your passing. Learn more about the different types of property ownership so you can make the necessary adjustments to your will and ensure that this part of your legacy is properly handled when the time comes.

Sole Ownership

Sole ownership refers to circumstances in which a piece of property is only listed under a single individual. This person owns 100% of the real estate, and there aren’t any designated parties set to receive the assets upon the passing of the sole owner.

In these cases, ownership can only be passed on based on whatever estate planning was done ahead of time. If the departed put together a will, 100% of that property would go to the beneficiary. If the departed did not have a will in place, the state would designate a beneficiary. In either case, the real estate would need to go through probate before it was released.

Joint Ownership

With joint ownership, the assets are transferred to whomever the departed shared the property with. If there’s only one other owner, that person would receive the entirety of the transfer. If there are multiple owners, the departed’s percentage would be split evenly among the surviving partners. This aspect of joint ownership is important to note, as some joint owners might incorrectly assume that their share in the property will go to their heirs after they’re deceased.

If you need help with estate planning, schedule a consultation with the attorneys at Ferraro Kruk & Ferraro. Located in Brockway, PA, and serving residents throughout Jefferson County, this family-owned and -operated practice has extensive experience handling everything from wills and trusts to wrongful death suits. Visit their website to learn more about their practice areas, and call (814) 268-2202 to schedule an appointment today.