Does a jointly owned property have to pass through probate?

I’m buying a house and my elderly father is going to co-sign on the mortgage for me. He’s not in great health, and I’m nervous about what is going to happen if he passes away. If we own the house together, does that mean if he dies I’m going to have to go to court and go through probate to get to keep my own house?

 

Answers (1)

The answer to your question depends on the type of joint ownership you and your father plan to have. If you both purchase the house and own it as joint tenants, then the estate does not have to pass through probate. When one party dies, the estate automatically passes to the other joint tenant. This may be advisable in your case, as opposed to tenancy in common in which the estate passes to the heirs when one tenant dies. In order to purchase property as joint tenants, there must be unity of time, title, possession and interest. This means you and your father must purchase the home at the same time, put both your names on the title, and have an equal right to possess the house and have an equal interest in the home.

If you choose not to purchase the property as joint tenants, you should speak with a qualified attorney to discuss other options to prevent the house from having to go through the probate process, in order to avoid potentially being subject to inheritance taxes.

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