A Brief Guide to Wills & Real Estate
 
Ownership of real estate includes land, buildings on it, attached items such as crops or fences, and rights to water or minerals underground. How you hold the title to realty impacts the ways you can use or dispose of it, including in a will or trust. When preparing to consult a will and estate attorney, here’s what you should know.

Sole Ownership

Holding sole ownership of the property gives you complete control of it. You have the right to sell, transfer, or borrow against the property and to dispose of it in your will.

One option is creating a testamentary trust for the real estate, which takes effect when you pass away. Another option is placing the property in a living or revocable trust that benefits you or others during your lifetime. Trust beneficiaries can include a spouse, child, charitable or religious organization, or educational institution. If you pass away without writing a will, creating a trust, or taking any other action, ownership of the property is divided among your surviving heirs under the state’s intestate succession laws.

Joint Ownership

Iowa recognizes two types of joint ownership of real estate, which are tenancy in common and joint tenancy with right of survivorship.

Two or more people can hold the title to real estate as tenants in common, which gives them an equal, undivided interest in the property unless the deed states otherwise. Each co-owner has the right to convey their property interest to others, including by will.

Under a joint tenancy with right of survivorship, when one co-owner passes away, their property interest passes to the surviving joint tenant. If there are more than two co-owners, the final surviving joint tenant becomes the sole owner of the property and that person can pass their interest by will.

When buying a home, some spouses choose to hold property as joint tenants with the right of survivorship. This type of ownership ensures a surviving spouse acquires ownership without a will and probate.
 
Before taking title to real property, discuss the pros and cons of each ownership form with a will and estate attorney at Schnurr Law Firm, P.C. Based in Fort Dodge, IA, the firm has over 30 years of experience and compassionate legal representation throughout Clarion, Webster City, Algona, Boone, and Rockwell City. For more information about their practice areas, visit their website. To schedule a free consultation about a will and estate, call (515) 576-3977.