If you’re preparing to work with an estate planning attorney to put together a will, one of the most important aspects you’ll need to cover is your ownership of any applicable properties. Although it may seem straightforward, there are multiple factors that impact how these assets will be distributed. The guide below looks at different types of property and how to compose your will accordingly.

Sole Ownership

Sole ownership is when a piece of real estate only has one person listed on the title. They are fully empowered to pass down their property to a chosen beneficiary at the time of their passing. An estate planning attorney will work you through drafting a will designating who that person is. Without one, the state is responsible for selecting an heir based on familial connections.

For example, in New Mexico, the community property portion of a person’s property will automatically pass to their spouse upon death. If they were unmarried, it will be divided equally among any children. Where it regards real estate, family members can agree to jointly own the home, sell it and share the profits, or one person can buy out the others’ claims.

Joint Ownership

Joint ownership refers to a piece of property that has two or more people listed on the title. In a joint tenancy situation, the property is transferred to the person the departed split the ownership with. If there is only one other owner besides the deceased, that person would receive 100% of the property transfer. In contrast, if the owners are not joint tenants, then the deceased person’s share goes to her heirs.

If you’re seeking an estate planning attorney to help you go over your properties and put together your will, look no further than Bristol Law Office in Roswell, NM. These lawyers have over 30 years of experience and will guide you through every step of the process to ensure your loved ones are taken care of when you’re gone. Give them a call today at (575) 625-5284 to schedule a consultation. Visit their website to learn more about their services.