| Form of property ownership | Pros | Cons |
|---|---|---|
| Sole | Allows owner to have total and sole control during life and following death, via a will or trust | Subject to probate |
| Tenancy in common |
Allows ownership in unequal proportions Allows unlimited number of holders |
Subject to probate Harder-to-control disposition during life and death |
| Community property |
Prevents spouse from being disinherited Each spouse owns an equal interest |
Subject to probate Restricted to spouses only Only valid in nine states Mandatory equal ownership |
| Joint tenancy with right of survivorship | Avoids probate | Mandatory equal ownership |
| Tenancy by the entirety | Avoids probate |
Restricted to spouses only Mandatory equal ownership |
Description
Like beneficiary designations, property titling takes precedence over a will. While every state allows sole ownership, states differ when it comes to the types of joint or concurrent ownership that are allowed. Here are the most common forms of property ownership:
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