A Guide to Wills & Real Estate
When you acquire property under Connecticut’s real estate law, the way you hold the title affects your ability to transfer the property through a will. Connecticut allows sole and joint ownership of the real estate, with specific variations. Below are the ways to hold a property title and how each impacts the terms of a will.
Sole Ownership
When you acquire real estate as a sole owner, you can take action regarding the property without anyone else’s permission. Your options include bequeathing the property to one or more individuals or entities in your will. Another option is placing it in a trust that takes effect during your lifetime or after you pass away and referencing the trust in your will.
Joint Ownership
If you purchase real estate property with one or more individuals, your options are to hold the title as tenants in common or as joint tenants with the right of survivorship. Connecticut real estate law presumes owners hold property as tenants in common unless the deed states specifically that owners hold it as joint tenants.
Holding real estate as a tenant in common lets you convey your property interest to someone else by will. If you pass away without a will, your share of the property passes to your legal heirs. However, if you hold property as a joint tenant when you pass away, your legal interest in the property transfers to the surviving owners automatically, whether you have a will or not.
Joint Ownership by Married Couples
If you and your spouse purchase property during the marriage, you can choose to hold the title as joint tenants by the entirety. Under this special form of joint tenancy with right of survivorship, when one spouse passes away, the surviving spouse becomes the sole owner of the property automatically. This is regardless of any will terms. If both keep the property after a divorce, the ownership form becomes a tenancy in common.
If you need advice regarding real estate law related to wills and trusts, turn to Steven P. Ciardiello Esq., PC, in Hamden, CT. They have been providing quality legal counsel for more than 30 years and are licensed to practice in New York and Connecticut. Whether they are representing you in an estate planning matter or personal injury claim, they focus on protecting your rights and obtaining the best possible outcome for you as the law allows. For a full list of their services, visit their website. To schedule a consultation, call (203) 248-8000.
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