From the Attorney’s Desk by Jason Krautkramer, J.D. Eckert & Krautkramer, LLC 630 N 4th St., Wausau, WI 54403 eklawwi.com 715-842-0907 jason@eckertlawllc.com 168408 Establishing Ownership Structure Understanding your options for joint ownership is important. Once selected, the ownership structure needs to be reflected on the property deed. Under joint tenancy, each co-owner has an equal and undivided interest in the property. Upon the death of one owner, their share automatically passes to the surviving owner. Under tenants in common, each co-owner holds a certain share of the property, which can be equal or unequal. If the deed does not specify percentages, the co-owners are considered to have equal ownership. When one owner dies, their share passes according to their estate plan. Tenancy in common offers more flexibility, in particular for co-owners who are not spouses or close relatives, such as two families purchasing a second home together. Schedule an appointment today. From the Attorney’s Desk by Jason Krautkramer, J.D. Eckert & Krautkramer, LLC 630 N 4th St., Wausau, WI 54403 eklawwi.com 715-842-0907 jason@eckertlawllc.com 168408 Establishing Ownership Structure Understanding your options for joint ownership is important. Once selected, the ownership structure needs to be reflected on the property deed. Under joint tenancy, each co-owner has an equal and undivided interest in the property. Upon the death of one owner, their share automatically passes to the surviving owner. Under tenants in common, each co-owner holds a certain share of the property, which can be equal or unequal. If the deed does not specify percentages, the co-owners are considered to have equal ownership. When one owner dies, their share passes according to their estate plan. Tenancy in common offers more flexibility, in particular for co-owners who are not spouses or close relatives, such as two families purchasing a second home together. Schedule an appointment today.
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