If you own property jointly with someone else, you might wonder what happens to it after probate. In Ohio, how the property transfers depends on the type of joint ownership you have. Understanding this can help you know what to expect during the probate process.
Types of joint ownership in Ohio
Ohio recognizes several types of joint ownership. The two most common are joint tenancy with right of survivorship and tenancy in common. Joint tenancy means that when one owner dies, their share automatically passes to the surviving owner(s) without going through probate. Tenancy in common, however, treats each owner’s share separately, so the deceased owner’s share usually goes through probate.
How probate affects jointly owned property
If the property is held as joint tenants with right of survivorship, probate typically doesn’t affect it. The surviving owner gains full ownership immediately after the other owner dies. But if the property is held as tenants in common, the deceased owner’s interest becomes part of their probate estate. This means the property share must go through probate before it passes to heirs or beneficiaries.
What you should do next
To avoid confusion, check how the property is titled. If you want the property to avoid probate in the future, consider changing the title to joint tenancy with right of survivorship. Also, keep good records of ownership agreements and consult reliable sources for guidance on Ohio property law.
Knowing how your property ownership works can save you time and money during probate. Joint ownership with right of survivorship offers a simpler transfer process, while tenancy in common may require probate. This knowledge helps you make smart decisions about managing and transferring your assets.
