Co-ownership & tenancy: jointly owned or in common?

By: B Stead

Co-ownership, joint tenancy, tenants in commonMany people own property with another person in a co-ownership arrangement.  Spouses or partners typically own their residence together in joint names, family members; or  friends may own a property together for investment.

An important issue to consider upfront when buying property are the consequences of when a co-owner dies. How the property is owned between people, that is, its tenancy, can give very different outcomes on death.  Ideally these should be considered at the time of purchase.

Questions to ask include who can take a co-owner’s interest when they die?  Would this be what they want to have happen?  If not, can they state their intention in their will? Or is the property owned in a way that on death the interest automatically passes to the survivor/s outside of a will, as in joint tenancy?  This article looks at tenancy issues.  More

When disposing property by will check the ownership – what can and can’t be disposed of by will

Disposing property – what can be disposed of by a will and what can’t – property ownership and control issues

disposing property by will, what property can be disposed of by will, Property ownership, will making, company shares, units, trust,Disposing property by will, in the will-making process requires considerations to be given to what you own in your individual name, as opposed to what you might control, see further below.  As only property owned in a personal or individual name can form a deceased estate, it is only this which can be transferred by will, (or the rules of intestacy).

Other property may be owned in the name of a company or trust.  In these entities an individual may have control through shareholdings or a power of appointment.  When it comes to making a will, it is important to remember that such assets won’t form part of a person’s deceased estate and therefore cannot be disposed by their will.  See the table below for examples of what are estate (disposable by will) and non-estate assets. Making a list of property, money and things to be disposed of and who owns what is important. More