One of the most important steps of sitting down with an estate planning attorney to get your affairs in order is deciding who will inherit any real estate you own. This tends to be the most valuable asset addressed in a will, and many families transfer property down from generation to generation. To ensure your wishes are carried out as intended, you must understand that how your property is titled will determine whom it goes to once you pass away. Most real estate falls into one of two categories – sole ownership and joint ownership.

Sole Ownership

When only one person is listed on a real estate title, they have sole ownership. This means they can appoint anyone they want in their will to inherit the property. In Ohio, real estate owned by an individual must go through probate before being transferred to beneficiaries.

If the property owner passes away without leaving a will behind, the real estate will be transferred according to Ohio’s intestate succession laws. If the decedent has children but no spouse, they will inherit the property. If there is a spouse, they will inherit it. 

Joint Ownership 

If two or more people own a property with rights of survivorship, this is considered joint ownership. When one owner passes away, ownership will immediately transfer to the other owner without passing through probate.

This situation is common for spouses who bought real estate together. An estate planning attorney can help complete the appropriate documentation to prove a clear title. Upon the death of the second owner, the property will be transferred to a beneficiary named in their will or through intestate succession if they don’t have a will. 

The laws and procedures regarding real estate transfer are complex. You can count on the estate planning attorneys at Vernau Law LLC to ensure your will is properly set up to minimize confusion and prevent disputes upon your death. Offering more than 25 years of experience, they’ve helped countless residents throughout Licking County, OH, prepare for the future and create a plan to effectively protect their assets and loved ones. Call (740) 587-2637 to arrange a consultation, or visit them online for additional information about their estate planning services.