Tenants in Common

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Tenants in common are those who own property or shares in property together; and each can leave his or her portion to anyone else if deceased. Learn what tenants in common are from an estate planning and probate lawyer in this free video on estate law.

Part of the Video Series: Estate Planning
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Video Transcript

Tenants in common is a way that most people own property with somebody else. If I own a house with my spouse, then we're probably tenants in common. If I own rental real estate with someone, then myself and the other person I own this property with are probably tenants in common. Tenants in common means that I own an undivided interest in this thing. I may own half, I may own sixty percent, I may own seventy percent, I may own eighty percent. And my other tenant in common own the other shares. You can have more than one, more than two, more than three people that are tenants in common relationship. If I die, I can say where my share of that property goes. I can give it to my spouse, I can give it to my kids, I can give it my friend, I can give it to my charity. I control my ownership and where it goes when I die. I can sell my share of this particular asset too. I can sell it to anybody I want to, and my other co-tenants can't say boo. I have complete control over it, we own it together, we own an undivided interest, but I have the right to dispose it any way I want to, whenever I want to.

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