What Are Tenants In Common In Estate Planning?
When one owner dies, that share will pass through the estate or in trust as the decedent directed or by state law. It does not pass to the other owners unless decedent said so in a Will or other dispositive document.
Example Of Tenants In Common In Regards To Estate Planning
My siblings and I all owned an equal share of the family farm. When my brother died, his share passed through his estate and is now held by his two children because we held the property as tenants in common.