Do you know how you hold your assets?
Do you know how you hold your assets?
Joint ownership and tenants in common are ways of co-owning assets, but they have distinct characteristics.
Jointly held assets
Jointly held assets refer to assets owned by two or more individuals with an equal interest in the asset as a whole. On death the property automatically goes to the other owners without the need for probate, which is called right of survivorship. It’s important to note that you CANNOT pass on your ownership of a jointly owned asset in your Will.
Tenants in common
This form of ownership allows individuals to own different shares of the same asset. There is no automatic right of survivorship, so when one tenant dies, their share passes according to their Will or according to laws of intestacy. Probate is required where someone holds a property in this way.
Finding out how you hold property
If you are unsure if right of survivorship will apply, you will need to work out how property is held. A search with the Land Registry or checking the property deeds, will determine this.