After a death, the inheritance of a deceased can be placed in joint ownership if there are several heirs. In other words, the assets of the succession belong without distinction to all the heirs without their respective shares being materialized.
The co-heirs are joint owners of the same thing or of the same set of things. This may be the case, for example, for a house, a securities portfolio, furniture or jewelry. These assets making up joint ownership are called “undivided assets”.
Joint ownership is a transitional step in the settlement of the estate. It ends with the division of the patrimony between the co-heirs. But while waiting for this resolution, each co-heir has rights and duties.
In a situation of joint ownership, all the heirs have the same rights. According to Capital, they consist of the possibility of:
– Use the property;
– Participate in their management;
– Receive the income they provide: if they are rented, for example.
In a situation of joint ownership, all the heirs have the duty to respect the rights of the other heirs. But, depending on the case, this rule can be difficult to apply. According to Capital, as any management decision requires the majority of the votes of the co-heirs, sometimes blockages occur. Discover in our slideshow below the 5 things to know about joint ownership to apply it correctly and in good agreement.
