Transfers of Joint Property Ownership - An Overview
In this post, we will be discussing a topic at the intersection of family and estate law.
There are two types of co ownership in British Columbia.
Joint Tenancy entails a Right to Survivorship - your spouse will gain access to your home if you pass away.
On the other hand, Tenants in Common don't have this right of survivorship. If you pass away, your estate wouldn't automatically go to the other party in this scenario.
In order to create a joint tenancy, four criterion need to be met.
1. Unity of Interest
- each party must be equal in interest in the property (like a husband and wife),
2. Unity of Title
- the interest in the property has to come from the same document
3. Unity of Time
- interests of the joint tenants must happen at the same time
4. Unity of Possession
- the parties have interest in the same piece of property
In this article, there's a breakdown of an interesting case regarding survivorship. Essentially, there was a messy case where somebody passed away without proper joint tenancy and their son had to go through an ugly battle in court to gain access to his dad's property.
One of the best ways to avoid court battles like this is to have proper estate planning. This could save your family members a lot of headache and money down the line.
If you're interested in legal representation from a credible Downtown law firm, take a look at our website or give us a call at 604-674-7755.
Bijan Law is a general practice law firm in Downtown Vancouver. We can help you out whether you're entering a partnership for investment, starting or purchasing/selling a business, want to keep wealth within your family, immigrate to Canada, or resolve a dispute.
Note: these blog posts are written by a communications professional and are not intended to be legal advice. One of our lawyers would be glad to help if you have a specific issue in mind.