Real property can be, for example, a house, land or commercial premises. For the purposes of this article let’s call real property, “property”.
There are two ways you can hold property with another person, ie. Joint Tenants or Tenants in Common.
How you are described on the Title Deed with that other person will determine what happens to the property upon your death.
If you are described as Joint Tenants, when you die the property will become the surviving Joint Tenants property. In other words, the property does not form part of your estate to be distributed in accordance with the terms of your Will.
However, if you are described as Tenants in Common when you die, the part of the property you own will form part of your estate and will be distributed in accordance with the terms of your Will.
When purchasing property with another person, you should ensure that you are correctly described on the Title Deed, as it can have a significant impact as to what happens to that property upon your death. Also, when making or reviewing your Will, this is also a good time to review your ownership of property.