Real Estate Deeds / Types of Ownership

[Kawasaki]

Trying to fill in information gaps regarding the recording of ownership on deeds, you don't know what you don't know. Thanks in advance and happy 4th of July!

1. Any reason why I shouldn't record my wife and I was joint tenants on the deed to our home; is there a better ownership type? If either of us were to die, the other would be getting everything, no other heirs.
2. Assuming I record our ownership as joint tenants, is it correct that the ownership of our home won't have to go through probate?

 

[the_great_white]

Subbed

 

[Grub Master]

I believe right of survivor ship will help with the probate problem. Have a friend that did not have that on the deed and was told she has to go through probate.

 

[Kawasaki]

I believe right of survivor ship will help with the probate problem. Have a friend that did not have that on the deed and was told she has to go through probate.

That's my understanding also, it needs to be "...joint tenants with rights of survivorship."

 

[GAgunLAWbooklet]

Yes, I don't practice real estate law but in general terms any asset that you hold jointly "with right of survivorship" means title instantly passes to the other person when you die.

It will not be an asset of your estate,
for your executor to deal with,
and is not controlled by your will or the laws of intestate succession.

 

[GAgunLAWbooklet]

Also, Watch out you don't substitute a "quit claim" deed for a "warranty deed."

A warranty deed is the stronger, more complete, conveyance of real property.

 

[gh1950]

Yes, I don't practice real estate law but in general terms any asset that you hold jointly "with right of survivorship" means title instantly passes to the other person when you die.

It will not be an asset of your estate,
for your executor to deal with,
and is not controlled by your will or the laws of intestate succession.

This is correct.

If you have a bare joint tenancy, and the deceased dies intestate (without a will) the deceased's half will go to his or her heirs, who may not be exclusively the spouse. Any children will have an proportional interest, and that includes children shared with a former spouse.

I have done that, administered an estate where the joint tenants ended up being the surviving spouse and five grown children of a former spouse. Good times. Only thing that would have made it better is if a couple of children had been minors, so we could get the former spouse involved.

Creating the right of survivorship is not a complex procedure, it only requires the preparation of a deed, both parties signing it with appropriate attestations, and recording the deed and required forms.