Learn Important Probate Essentials, including key things that go wrong in an estate, how to prevent them, and what to do if they happen.
What is tenants in common? What does it mean and how can it affect settling an estate? We will answer those important questions and more in this post.
My name is Erik Broel & I am the founder & CEO of Georgia Probate Law Group. At our firm we help families who have lost a loved one navigate the complex and confusing legal process so they can make sure the estate is handled properly and their loved one’s memory is honored. Everything discussed in this post is for general information and is not legal advice – for specific information about your situation, please go here to request a complimentary consultation with one of our inheritance lawyers.
Tenants in Common is a term used to describe one way that multiple people can own real estate together. It is often abbreviated as TIC.
When a property is held as tenants in common, it means that when one of the owners passes away, that owner’s interest in the property goes into that person’s estate. As a result, the only way to sell or transfer the deceased owner’s interest in the property is by opening the estate and having an Administrator or Executor appointed.
In addition, since the deceased’s interest in the real estate is part of their estate, there are two other important things to note. First, if the deceased has a Will, then the Will is able to control what happens to the portion of the property that is in the Estate.
Second, since part of the property is in the estate, then that portion of the property is subject to creditors of the estate. As a result, in a situation where the creditor claims against the estate exceed the estate’s cash assets, then you can be forced to sell the property to pay creditors. If you believe this could be the case in your situation, I strongly advise that you call our office for help.
Finally, it is important to know that tenants in common is the default method for multiple people to own property together. So, if the deed does not specify, then ownership will be considered tenants in common by default.
For more information about this and other probate topics, please go to GPLG.com/Handbook to download a complimentary copy of our Georgia Probate Handbook. You’ll learn the key things that go wrong in an estate, how to prevent them, and what to do if they happen.
You also can reach out to our office at (770) 796-4582 to set up a consultation.
© 2022 Georgia Probate Law Group by Broel Law, LLC. All rights reserved.