When it comes to managing estates and trusts in Maryland, one term you're likely to encounter is "tenants in common." As a concept with significant implications for property ownership and inheritance, it's crucial to understand what it means and how it can impact your estate planning process. Our experienced attorneys at Stouffer Legal are here to help you navigate the complexities of tenants in common in Maryland and ensure your property rights are well-protected.
What are Tenants in Common?
Tenants in common is a form of property ownership in which two or more individuals share ownership of a single piece of real estate. Each tenant in common holds an undivided interest in the property, meaning they have the right to use and possess the entire property. However, their ownership interests can be equal or unequal, and upon their death an owner can leave their share to any beneficiary they choose.
Understanding Tenants in Common in Maryland:
Individual Ownership Rights
In Maryland, tenants in common have separate and distinct ownership rights to their share of the property. This means that each owner can sell, transfer, or mortgage their interest without obtaining consent from the other owners. Additionally, each owner is responsible for their share of property taxes, maintenance, and other expenses.
No Right of Survivorship
Unlike joint tenancy, tenants in common in Maryland do not have a right of survivorship. This means that when one owner dies, their share does not automatically pass to the surviving owners. Instead, the deceased owner's share is distributed according to their will or Maryland's intestacy laws if no will exists.
Estate Planning Considerations and Trust Ownership
Considering tenants in common in your estate planning process can be advantageous for Maryland residents. This form of ownership allows property owners to leave their share of the property to a beneficiary of their choice, providing more flexibility in estate planning. Holding your tenants in common interest in a trust avoids having the interest go through the public Probate process. It's important to consult with an experienced estates and trusts attorney to ensure your wishes are accurately reflected in your estate plan.
Potential Disputes and Shared Ownership Agreements
Tenants in common in Maryland can sometimes face disputes over property management, expenses, or the division of the property. Co-owners may memorialize their respective rights and obligations in a contract entered into between them known as a Shared Ownership Agreement. It's essential to work with an attorney who can help you navigate these issues and protect your rights as a property owner.
Partner with Our Expert Estates & Trusts Attorneys in Maryland
At Stouffer Legal, our dedicated team of estates and trusts attorneys have extensive experience handling tenants in common matters in Maryland. We can guide you through the intricacies of property ownership, estate planning, and potential disputes to ensure your rights and interests are protected. Contact us today to schedule a consultation and learn how we can help you navigate the complexities of tenants in common in Maryland.
