Putting assets like real estate into joint names with others will simplify the administration of your estate, and when one of the owners dies, that asset will automatically be passed on to the surviving owner. This would eliminate a number of headaches, and third-party institutions or an executor would not have to get involved. While there are a number of advantages to this option, it’s important to note that there are risks as well, so you have to be aware of the complications before you proceed with joint ownership arrangements.
The intentions of both parties must be clearly documented, and the following guide will tell you the do’s and don’ts of joint ownership of the real estate in Winnipeg:
- Add your spouse as a joint owner of property that you plan to leave to them.
- Make your intentions very clear. This is extremely important so that there is no room for error or confusion. Your intentions regarding jointly owned property must be outlined in your Will, so include statements that confirm the surviving owner’s right of survivorship and make this information very clear; otherwise, the joint owner can run into some problems. A spouse or child must be added as a joint owner of property.
- Add your spouse as a joint owner of your property if you are in a second or third marriage or part of a blended family and want to leave the property to your children from a prior relationship. This can be complicated, so you have to make sure you understand this information, as this will allow you to proceed accordingly.
- Add a child or family member as a joint owner to your property without first considering the risks. This includes economic and logistical risks and can include the sale of the property, the addition of a mortgage or insurance updates, which the child may have to deal with.
You really need to look at every detail when considering joint ownership for real estate, and every aspect has to be considered to determine whether or not this is a good choice. You need to have an understanding of the process, as this information will help you make an informed decision regarding property matters.
The experts at Tacium Vincent & Associates will help you decide whether or not joint ownership is practical for you and will discuss this matter in great detail. We will make sure you have a clear understanding of the situation before you proceed any further and will assist in making the necessary changes through valid legal documents. It is important to us that our clients feel comfortable with their decisions, and we will help you create a plan that will meet your needs. If you have any questions or are interested in more information, contact our firm today.