If my wife recently passed away and the only item we have joint ownership of is our home, is it necessary for me to have a succession done?
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If my wife recently passed away and the only item we have joint ownership of is our home, is it necessary for me to have a succession done?
Asked on February 18, 2015 under Estate Planning, Louisiana
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
Typically, how jointly held property is treated when one of the owner's dies depends on just how title is held. If it's as 'tenants in common", then the deceased owner's share goes into their estate. If it's held as "joint tenants with rights of survivorship", then the surviving owner is vested wuth 100% title by law.
In this case, since you were married, you will almost certainly be considered to be a "joint tenant", so you will take title automatically; no probate need be opened (at least as far as this specific asset is concerned).
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