Posted on July 06, 2023
Once upon a time people were registered on title in only one way – that being joint proprietors. This is no longer the only method of registration.
The way you are registered on title could impact your estate planning and your intent as to how you wish a property to pass upon your death. If not properly considered, this could cause issues at the time of your passing.
Joint proprietors do not hold shares in a property. Joint proprietor ownership allows a property to pass from one proprietor to the other automatically at the time of death. If your wish is that your share be able to be transferred or passed to another according to your wishes in a Will, then you should be registered as tenants in common allowing for this to occur.
You can also be registered on title in unequal shares, via a company or as a trustee of a trust.
It is therefore important for the correct information to be supplied at the time you purchase a property and that you also understand the various ways in which a property can be owned so that you can make the right decision for you.
If you require any assistance with deciding the appropriate registration for you, please contact Foula Markos or one of our other team members at Scanlan Carroll on (03) 9853 0311.
Recent Articles
News Categories
