Jointly owned property refers to assets owned by two or more individuals. Common examples include real estate, bank accounts, and investment portfolios. In Florida, joint ownership often includes rights of survivorship, which means the property automatically transfers to the surviving owner(s) upon one owner’s death. Understanding how this type of ownership works is crucial when administering an estate.
Determining the type of joint ownership
Florida recognizes different forms of joint ownership, such as joint tenancy, tenancy by the entirety, and tenancy in common. Joint tenancy with rights of survivorship allows the property to pass directly to the surviving owner(s), bypassing probate. Tenancy by the entirety applies only to married couples and functions similarly to joint tenancy. On the other hand, tenancy in common does not include survivorship rights. Instead, a deceased owner’s share becomes part of their estate and goes through probate.
Addressing estate administration challenges
Administering jointly owned property can present unique challenges. For property with rights of survivorship, the executor or personal representative typically does not include the asset in the probate process. However, estate taxes or debts may require consideration. For property held as tenancy in common, the representative must ensure the deceased owner’s share is properly distributed according to the will or Florida intestacy laws if no will exists.
Steps to take for effective administration
Start by reviewing ownership documents, such as deeds or account agreements, to determine the type of joint ownership. Notify financial institutions or property managers about the owner’s passing and provide necessary legal documentation. For assets subject to probate, work with an attorney to ensure compliance with Florida laws and the deceased’s estate plan. Communicate clearly with co-owners or beneficiaries to resolve disputes and facilitate a smooth transition.
Florida’s estate administration laws can be complex, particularly with jointly owned property. Proper handling of these assets supports a fair and efficient administration process.