Austin Probate Lawyer

Concurrent Estate

A concurrent estate, also known as a co-tenancy, is a term derived from property law defining a piece of property that is owned by more than one party at the same time. Concurrent estates can pose a problem when one of the owners passes away, since their ownership should be handed off to a new party.

Types of Concurrent Estates

There are three main types of concurrent estates, and each one has different stipulations regarding the death of one of the property co-owners (or co-tenants) -

• Tenancy in Common: Each owner has the freedom to decide who his or her share of the property will be passed onto upon his or her death. The property does not need to go to another co-owner.
• Joint Tenancy: Co-owners have the right of survivorship, meaning that should one of them pass away, then that person’s share of the estate becomes the property of the remaining owners.
• Tenancy by Entirety: This type of ownership is applicable only to married couples. Both people are considered owners of the property, and when one of them dies, the entire property title belongs to the surviving party – much like joint tenancy. This option is not available in every state.

As mentioned above, the property will be handled in different manners upon the death of a co-owner, depending on what type of concurrent estate he or she holds.

Contact Us

If you are a co-owner in a concurrent estate and one of the other property owners has passed away, Austin probate lawyers Slater, Kennon & Pugh LLP can help you figure out what to do next. Please call their law offices today at 512-338-1100 today to schedule an appointment.