{"id":369089,"date":"2016-04-04T10:47:12","date_gmt":"2016-04-04T15:47:12","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/realestate\/buying-a-home\/the-living-trust-a-better-option-to-joint-ownership.html"},"modified":"2024-02-08T11:35:02","modified_gmt":"2024-02-08T16:35:02","slug":"the-living-trust-a-better-option-to-joint-ownership","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/realestate\/buying-a-home\/the-living-trust-a-better-option-to-joint-ownership.html","title":{"rendered":"The Living Trust: A Better Option to Joint Ownership"},"content":{"rendered":"\n
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The Living Trust: A Better Option to Joint Ownership<\/h1>\n
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\n By Melissa McCall, J.D.<\/a> | Legally reviewed by Katrina Wilson, Esq.<\/a>\n | Last updated\n
\n \n <\/i>\n Legally Reviewed\n <\/summary>\n\n
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This article has been written and reviewed for legal accuracy, clarity, and style by FindLaw\u2019s team of legal writers and attorneys<\/a> and in accordance with our editorial standards<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n\n

\n \n <\/i>\n Fact-Checked\n <\/summary>\n\n
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The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n<\/section>\n

Joint ownership of real property is one type of ownership with many benefits, including no probate process if one of the joint owners dies. Common ownership allows owners to share the benefits and responsibilities of owning real estate or real property.<\/p>\r\n

Understanding property ownership is essential for many reasons, including estate planning and avoiding joint property ownership disputes. Whether entering into a business partnership, getting married, or buying a property with someone, carefully determine the best type of ownership for you.<\/p>\r\n

This article explores joint ownership and how a living trust<\/a> may be a better option.<\/p>\r\n

Understanding Probate<\/h2>\r\n

This article explores different types of ownership of property and living trusts. Many of these types of ownership help property owners avoid probate<\/a>. Probate is the legal process through which a court determines if a will is valid and supervises the distribution of the decedent<\/a>‘s assets. A probate court will also hear any challenges to a will.<\/p>\r\n

Probate can be a long, arduous, and complex process. In many cases, probating a will may take years and involve family disputes. If appropriately structured, joint ownership can help avoid many of the pitfalls of the probate process.<\/p>\r\n

Types of Ownership<\/h2>\r\n

When anyone purchases a property or real estate, they gain ownership. When two or more people buy real property together, they become co-owners. In co-ownership, the owners have equal rights to possession of the property. For example, one owner cannot unilaterally dispossess<\/a> (i.e., evict) another owner or bar them from using the property. If the parties agree to sell the property, each party’s share of the proceeds of the sale should equal their share of the property.<\/p>\r\n

Several types of ownership are accessible to the parties as they contemplate co-ownership. These include:<\/p>\r\n