Where property is owned jointly in NSW, you can own the property as joint tenants or tenants in common (in equal or unequal shares).
Most married or de facto couples choose to purchase the property as joint tenants which means that if one party passes away during the co-ownership, the surviving party automatically inherits the deceased’s share.
In a tenants in common structure, you get to choose the ownership percentage as well as how you want your share to be dealt with on your passing. This is a common structure for investments. However, there may be other reasons why a tenants in common structure is beneficial for you.
Prior to deciding on the structure, we recommend you obtain advice from an accountant or solicitor who specialises in estate planning who can best guide you what the benefits of either structure is.
