Real estate is typically the largest item to be transferred in a will. It’s important for you to understand how to title your property to plan your estate properly. Without a solid estate plan, your real estate will go into probate and could be transferred to someone you didn’t intend to inherit your property. Here’s some critical information about property titles and why you should hire an attorney to help with your estate planning.

What You Need to Know About Inheriting Real Estate

Sole Ownership

Sole ownership is the most straightforward way property can be titled. It means that one individual owns the property without any transfer-on-death designation. The real estate is titled in one person’s name in “fee simple absolute.” This means that no part of the property is owned by someone else and no part that will be transferred to another owner when the owner dies. This type of property has to go through probate after the owner’s death to be transferred to beneficiaries.

Joint Ownership

There are two types of joint ownership: with rights of survivorship and without. When joint ownership includes rights of survivorship, two or more people own equal parts of the property. If one owner dies, the others inherit the deceased’s share. Joint ownership without rights of survivorship is also known as “tenants in common.” In this situation, two or more people own a percentage of the real estate that may or may not be equal. With no rights of survivorship, the real estate can be passed down to beneficiaries chosen by the owners, and probate is required to transfer the property.

Hire an expert in both real estate law and estate planning by contacting John E. Bach, Attorney at Law in Goshen, NY.  Attorney Bach has been practicing law in the area for more than 30 years and is dedicated to giving every client his undivided attention. He’s knowledgeable in real estate titles, wills, and the probate process and can help you make sure your property goes to the beneficiary of your choice after your death. Find out more about the practice online or call (845) 294-7941 to schedule your initial consultation today.