Joint ownership of property can be structured in more than one way, and the specifics of what will happen to that property when a co-owner dies can vary. If you have concerns about how joint ownership of your property could impact everything from estate taxes to creditor claims, or anything else related to your estate plan, talk to an experienced Wheaton, IL estate planning attorney today.
What Is Joint Ownership Under Illinois Law?
Illinois’s Joint Tenancy Act covers the legal nuances of joint ownership, which refers to how more than one person holds the title to certain property. In general, there are three types of joint ownership recognized under Illinois law:
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Tenancy in common: With this agreement, the owners of a property have an inheritable share. Therefore, when you die, your share is inherited based on the terms of your will. For example, if you bought real estate with your siblings, your share could be left to someone else, but your siblings would retain ownership of their shares.