Joint ownership of property is common in India and is commonly seen between husband-wife, parent-child, business partners and other legal heirs. The common thinking of most people about joint ownership of property is that when one of the owners dies, the remaining co-owner will be entitled to inherit the entire property. This thinking may or may not be correct, depending on the type of joint ownership when the property was purchased. It is important to understand the difference between these two laws, i.e. survivorship vs inheritance law, and to prevent any confusion or misunderstanding between the heirs.
Meaning of survivorship in joint ownership of property
It is important to note that survivorship applies only to joint tenancy, in which each co-owner has the right of survivorship over the others. In such cases, when one of the co-owners dies, his share is transferred to the remaining co-owner. This type of transfer does not come under inheritance laws and does not require any kind of succession planning. After the death of an owner, the property becomes the sole property of the remaining co-owner.
Most joint ownership in India is in the form of 'tenants in common' and not in the form of 'joint tenancy'. After the death of an owner, his share is not transferred to the co-owner, but goes to his legal heirs based on the rules of succession or as per his last will. This way, even if the property is in joint ownership, the family members of the deceased can still claim their share.
Importance of ownership structure
The most important thing here is whether the rights of survivorship are clearly mentioned in the documents related to ownership. If no such provision is made, the property may be treated as being under 'tenancy in common' arrangement. If at the time of purchasing a property it is made clear as to what type of ownership has been decided, then estate planning becomes easier.
Can a will change joint ownership?
If the property comes under rights of survivorship, the will cannot change such ownership nor can it pass on that share to the heirs. But in the case of 'tenancy in common', the will decides what will happen to the deceased's share. This emphasizes how important it is to decide on the right ownership structure for your property.
Importance of legal information
Disputes over property often occur because people have misconceptions about joint ownership. They believe in automatic transfer of ownership without verifying the form of ownership. Investigating and clarifying the issues related to property ownership will help ensure that the transfer of property goes smoothly as per the person's wishes.
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