Why do I need a Will when I own a house?

Posted by on Oct 7, 2016 in Blog | 0 comments

Why do I need a Will when I own a house?

Why do I need a Will when I own a house?

If you and your spouse own a property as “joint tenants” ( you can get the confirmation of that from the Title search). Then, if one of you dies the other becomes the owner of the property; property does not have to go though the probate.

If you and your spouse own a property as “tenants in common” ( if “Joint tenants” designation does not show on your title search), or if you each own certain percentage 99% / 1%, or if only one of you is on title of to the property, then if one of you dies, the portion that deceased person owned in the home, will have to go through the probate. In order to go though probate, probate fees (“death tax”) will have to be paid and you MUST HAVE a valid Will.

There are pros and cons to each type of ownership, please make sure to discuss those prior to the purchasing of the property. Already own the property? …. it is not too late to have this conversation, Call Irina Bartnik Notary in Surrey, BC, to ask any questions about this topic.