Brian Cohen CHP 3 & 4 EP.docx - Brian Cohen Estate Planning...

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Brian CohenEstate PlanningU74298614Chapter 3 Discussion Questions:4. When a person dies with Sole Ownership or Fee Simple, the property is passed to their heirs, or whoever is listed through a will. If it is to be considered no will or no heirs it goes through state intestacy laws. 6. When a person involved in Tenancy in Common dies it does not automatically go to the remaining party. Their portion goes through probate process starting with heirs or a valid will, if not through state intestacy laws.7. A Tenancy in Common can be partitioned without the approval of joint owner. If the join owner does not agree it can be requested of a court without permission. After done so each former owner will own a piece of the original property in sole ownership. 8. If property is owned in Common Tenancy and one was to contribute a significant more towards purchase price such as 70% but agrees to 50-50 ownership the person who is paying the 70% is gifting the additional 20%.

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