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Joint Property Ownership

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Joint Property Ownership   There are two ways in which property (in this context we are referring to real estate or land) can be held; either as beneficial joint tenants or tenants in common. Where property is held as beneficial joint tenants the asset will pass automatically to the surviving owner(s) on death. This means that the asset does not form part of the deceased’s estate and as such cannot pass under a Will or via Intestacy. Note that assets such as joint bank accounts and joint shareholdings would also pass in the same way. Tenants in Common means that each owner effectively holds their own share i.e: 50:50 and this can be gifted by Will or forms part of an estate under Intestacy. A property can be held in unequal shares but a trust deed should also be drawn up to support this with a restriction entered on the…

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