Manner of holding: Between joint Tenancy and Tenancy-In-Common
In owning a property in Singapore, it is important to understand the manner of holding for the property where there is more than one owner registered to the property. This would subsequently determine if there is a right of survivorship which would consequently affect whether the property can be considered as part of a person’s estate in their Will.
The two manner of holdings are Joint Tenancy or Tenancy-in-Common. An important difference between these two manners of holding would be the right of survivorship. In a property that is registered under Joint Tenancy, the right of survivorship would be applicable. The effect of this right is that upon the death of a co-owner, his or her interest in the property would automatically be passed to the remaining surviving co-owner(s). He or she would not be able to have the right to pass on the interest in the property to any other person(s) aside from the remaining surviving co-owner(s). Thus, it would be unnecessary for a co-owner to devise his property in a Will to someone that is not registered as a co-owner if there are other surviving co-owner(s) of the property.
If the manner of holding for a property is registered as Tenancy-in-Common, the right of survivorship does not apply. Each co-owner(s) of the property would hold a separate and definite share in the property that is represented by a certain percentage. The apportionment of the percentage reflects their respective ownership in the property. The effect of having a property registered as Tenancy-in-common would mean that the right of survivorship does not apply and one can have his or her interest in the property to be devised in their Will which would form part of their estate.
Whether your property is registered under Joint Tenancy or Tenancy-in-Common, having a Will made would provide security to your loved ones and to address any concerns which you might have. A law firm would help better provide clarity and suggestions in relation to your estate planning, ensuring that your loves ones are well secured for the future.
Hoh Law Corporation