There are different forms of asset ownership. We recently discussed joint tenancy. Tenants in common is a different kind of ownership. In this form of ownership, multiple people share a specified percentage of ownership rights in the asset. If one of the owners dies, then that owner’s share gets transferred to their estate. This is different from joint tenancy. Joint tenants have equal shares of the property and the same deed.
There’s a big difference between these two types of ownership and how it all plays out in probate too. If a property is owned by joint tenants, the living owner automatically gets the deceased owners share of the asset. It’s called a right of surviorship. Tenants in common on the other hand have zero right of survivorship. So, unless there is a will specifying that the other owner can have their share of the asset when they die, the asset would head to probate to be divided up among heirs of the estate.
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We are experts in the probate sale under the probate code and trust law. So, we know the California Probate Code. We won’t let you get lost in it. If you need a real estate agent in California specializing in probate, please contact us today! We are upfront and honest about the costs of probate. Everyone wants to know about probate fees, but no one wants to talk about them. We will though.
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