As joint tenants, the interest of either owner would automatically flow to the survivor in the event of the death of one of the owners. This means that the owner’s interest would not flow through their estate but would transfer to the survivor outside of the estate.
As tenants in common, an owner’s interest would have to be dealt with through the estate administration process. In other words, the property would transfer pursuant to an individual’s will or pursuant to intestacy legislation if the deceased did not have a valid will. Where the property flows through the estate, probate fees would be payable on the value of the owner’s interest in the property.
This information is general in nature only. You should consult a lawyer before acting on any of this information. This information should not be considered as legal advice. To learn more about your legal needs, please contact our office at (250)448-2637
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