Common Ways Homes Are Owned

Many families are surprised to learn there is more than one way to hold ownership of a home.

Some of the most common ownership structures include:

Joint Tenancy with Right of Survivorship

When one owner passes away, ownership generally transfers directly to the surviving owner without going through probate.

Tenancy in Common

Owners share an interest in the property, but there is no automatic transfer to the surviving owner. Estate planning is often important when property is held this way.

Trust Ownership

Some families place property into a trust to help manage assets and facilitate the transfer of property to beneficiaries.

Life Estate

A life estate may allow an individual to remain in a home for the duration of their life while establishing who will receive the property in the future.

The important takeaway isn't memorizing these terms.

It's understanding that assumptions about ownership can create confusion if the family has never reviewed the documents together.