How to transfer ownership of real estate to beneficiaries in a Will
Gifting the family home in a Will can cause a few red flags, if you don’t have expert advice at the time of making your Will. What if Property is Jointly Owned? Can you gift it to someone in your Will?
One of these issues is that the property is owned by the deceased and another person. Depending on the way the property was purchased will impact on how the property can be dealt with in the Will of the deceased.
How to transfer ‘joint tenants’ property ownership to beneficiaries in a Will
If you own property as a joint tenant and you want your part of the property to be passed on to your beneficiaries, then you need to make an application to sever the joint tenancy. This is a complex procedure. You should seek expert legal advice on the steps that need to be taken to sever a joint tenancy.
Jointly Owned property is generally the way partners will purchase property together. The purpose of purchasing property as joint tenants is that if something happens to the other tenant, then the property will automatically be owned solely by the remaining tenant. This means that any gift of property left in a Will that is owned as joint tenants will be void and unable to be gifted to the beneficiary.
How to transfer ‘tenants in common’ property ownership to beneficiaries in a Will
Property owned as Tenants in Common is where each owner owns a set percentage of the property. The percentages will usually vary depending on how much money each party has contributed to the purchase of the property.
Property owned as Tenants in Common can be gifted to a beneficiary in your Will meaning you can leave your portion of the property to the person of your choice.
If you need advice on whether you can pass on the property you own in your Will then you need to seek expert legal advice from a Wills and Estates lawyer in drafting your Will.
If you require legal advice as to the pros and cons of gifting in a Will, book a consultation today with Graeme Heckenberg. He is an expert Wills and Estate Lawyer who is a specialist in Wills and Estate Law and has been in practice for over 25 years.