When someone passes away owning real estate, the property can pass to surviving heirs or beneficiaries in different ways. This will depend on various factors, including the names on the deed and whether you have a will. If you own or might acquire real estate, you should be aware of the information below.
What to Know About Real Estate Inheritance
When you purchase or receive property, one option is taking ownership in your name alone. As the sole owner, only your name is on the deed, and you control selling, leasing, or giving away the property. If you make a will, you can name beneficiaries to receive the property when you pass away.
Another estate planning option is placing the property in a testamentary trust referenced in your will. Whomever you name as trust beneficiaries will receive the property outside of probate after you pass away. A trustee you name manages the property until it passes to the beneficiaries at a time you designate.
Joint ownership of real estate means the deed names two or more people or entities as owners. Generally, each person named has the full legal right to possess, use, and pass on the property.
Under Connecticut's real estate law, two or more owners, including spouses, can hold the property title as joint owners with the right of survivorship. When one person passes away, the remaining owners receive the deceased person’s share. If the last surviving owner does not add another person’s name to the deed before passing away, the entire property goes to their beneficiaries under their will or trust.
Another way multiple owners can hold land jointly is as tenants in common. Each owner has an undivided and equal right to possess and use the entire property unless the deed specifies otherwise. As a tenant in common, you can give your property interest to beneficiaries by naming them in your will or making a deed or trust transfer during your lifetime.
If you own or plan to acquire real estate, consult Stuart R. Norman Jr. in Jewett City, CT, before taking action. A dedicated property law attorney, he offers more than 40 years’ experience in real estate transactions, wills, and estate planning. Visit the website to find out how he can help you and call (860) 376-0069 to schedule an appointment.