Yes, but please keep in mind the type of ownership and how it affects how it passes on.
Joint Ownership and Rights of Survivorship
- Automatic Transfer: If property is owned jointly with rights of survivorship, it automatically passes to the surviving joint owner(s) upon death.
- Simultaneous Death: If both owners pass away simultaneously, the property is split equally under each person’s estate.
Tenants in Common
If you own property jointly and want to leave your half to someone other than the joint owner, you need to convert your ownership structure to tenants in common.
- Benefits: This allows you to gift your portion of the property as a specific gift/legacy or distribute it according to your residue. The deceased person’s share does not pass automatically to the surviving owner(s) but forms part of their estate.
- Consultation: To change your type of ownership, you will have to consult a real estate lawyer.