Tenants in common
- Thread starter Misty1
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Expanding on Rod's response, I would reply to your question in the following:
In Australia you may be aware that property can be owned / shared either as 'tenants in common' (TIC) or 'joint proprietors'. The difference between the two structures is the manner by which the property is dealt with upon the death of the other co owner/s. As a joint proprietor if a co owner dies the 'rule of survivorship' will apply and the land ownership will automatically transfer to the living owner.
If the land was owned as 'tenants in common' then the registered owners on title can bequeath their share of any real property to a beneficiary in a will. This assumes that a will has been executed. If one has not, then the laws of intestacy will apply to how the share of the deceased's property will be distributed.
In a TIC scenario - husband , wife and two children: (assuming a Will has been drafted by both H & W, that states that upon the death of either H or W , H's or W's share of property A is to be bequeathed to child A and B in the following proportions e.g. 50 % to child A and 50% to child B.
In a JP scenario - if either a husband or wife die, the sole survivor will receive the entire property, regardless of any contrary provisions in their will.
A JP can be also severed by agreement or order.
In Australia you may be aware that property can be owned / shared either as 'tenants in common' (TIC) or 'joint proprietors'. The difference between the two structures is the manner by which the property is dealt with upon the death of the other co owner/s. As a joint proprietor if a co owner dies the 'rule of survivorship' will apply and the land ownership will automatically transfer to the living owner.
If the land was owned as 'tenants in common' then the registered owners on title can bequeath their share of any real property to a beneficiary in a will. This assumes that a will has been executed. If one has not, then the laws of intestacy will apply to how the share of the deceased's property will be distributed.
In a TIC scenario - husband , wife and two children: (assuming a Will has been drafted by both H & W, that states that upon the death of either H or W , H's or W's share of property A is to be bequeathed to child A and B in the following proportions e.g. 50 % to child A and 50% to child B.
In a JP scenario - if either a husband or wife die, the sole survivor will receive the entire property, regardless of any contrary provisions in their will.
A JP can be also severed by agreement or order.
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