Part 2 - Why leaving the family cottage “ To all the children” is not a plan.
In my last blog, I explained the fact that leaving real estate to a group of heirs creates ownership in real estate law known as “tenants in common”. I also explained some of the rules that apply to that type of ownership and how those rules usually in one way or another cause problems between the co-owners.
PART 1 - Why leaving the family cottage to “All the children” is NOT a plan.
What many people don”t understand is that by leaving real estate to children or heirs as joint owners creates a legal status among the owners called a “tenancy in common”.