4. Learn about owning real property with another person

Real property is also called real and it includes land, houses, or other buildings.

There are 2 ways to own with other people:

Joint tenancy

If you own property in joint tenancy, when you die your share usually goes directly to the other person. It does not become part of your estate, and it is not included when calculating fees.

Married or common-law couples

Married and couples often own their home as joint tenants. This means that when one partner dies, the other partner owns the home.

If the couple is when one of them dies, the other partner still owns the home.

But if the couple was legally , it might not matter if the home was owned as joint tenants. This is because the surviving may be able to choose to get an equalization payment in family law instead of receiving what was left to them in a will or the . And in family law, there are special rules about the matrimonial home.

Adult children

Some people put one or more of their adult children on title to their home as joint tenants to reduce probate fees.

Putting only one of several children on title may lead to a family fight.

If your adult child did not pay you for their interest in the property, they may have to prove that you wanted to gift it to them. If they cannot prove this, a court may decide that the child held the property in a “resulting trust”. This means that the property belongs to the estate of the person who died and not the child on the title.

Putting your adult child on title also means that you lose full control of your property. For example, if you want to sell the property, the child on title must agree. And they may claim a share of the money.

To avoid problems, it's best to speak with a lawyer before adding a child to the title of your home.

Tenants-in-common

If you own real property with someone else as tenants-in-common, each person's share is listed on the title to the property. It could be 50% each or some other percentage.

When you die, your share of the property usually becomes part of your estate to be distributed based on your will or the intestacy rules. And the value of your share is included when calculating probate fees.