When it comes to distributing and transferring assets through a will, real estate is often the largest and most complicated to manage. Property owners need to understand how to title their estates appropriately. Having an attorney put a viable estate plan in place will keep your assets from probate and ending up with an unintended beneficiary. The following guide outlines some important information about wills and real estate to help you plan accordingly.

What You Should Know About Real Estate in Wills

Sole Ownership

Sole ownership is considered the most straightforward approach when it comes to titling property. In this case, only one person is viewed as the owner of the property and the real estate will not be automatically transferred to another after the owner passes. This negates the need for a transfer or payable on death designation.

The upside to this scenario is that you have complete control over decisions about your property. However, after you pass, distributing this asset might prove difficult for your loved ones. It’s almost guaranteed it will have to go through the probate process before it can be transferred to your desired beneficiaries.

Joint Ownership

This type of property ownership involves more than one person. When working with your attorney, you’ll need to decide if you want joint ownership with or without rights of survivorship.

With the former, two or more people can own equal percentages of a piece of property. When one owner dies, the surviving owners split the deceased’s shares equally.

The latter, also known as “tenants in common,” is a bit more complicated. In this case, ownership might not be equal between all parties. As a result, you can opt to pass down your percentage owned to other chosen beneficiaries.

Georgia residents will be required to go through probate if they own as tenants in common. If you own through joint tenancy with rights of survivorship, you can avoid probate altogether.

If you need help putting together an estate plan that properly outlines your wishes, turn to Dyer & Rusbridge, P.C. in Canton, GA. For over 20 years, these knowledgeable attorneys have helped residents throughout Cherokee County with everything from contract and business law to civil litigation. Visit their website or call (770) 479-7418 to learn more.