Transfer of Share in Home to Spouse
It's not uncommon for more than one member of a couple to own the home they live in. This can often be a sensible way to protect an important family asset.
A couple may prefer to have both their names appear on the title to the home. One reason may include that they are part of an estate planning exercise, which relies on the rule of survivorship.
As joint tenants, the interest of the property does not form part of their estate upon their death, so the property passes directly to the survivor, instead of being distributed under their will.
From an estate planning perspective, this means when there's a death, interest in the property doesn't get caught up in a will. Good estate planning will include a consideration of a transfer of share in the home to spouse. So you should seek out legal advice if you're in such a situation.
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