Co-ownership Flashcards
Say A & B are tenants in common. Upon the death of A (or B, whoever is first), what happens to A’s 1/2 share?
Upon A’s death, A’s 1/2 interest passes through A’s probate estate to A’s heir or devisees (will beneficiaries).
The surviving co-owner does NOT get the other’s share.
What does TX presume with concurrent ownership situations?
Presumes, without additional evidence, that owners are in a TIC.
Who’s entitled to income in joint tenancy?
ex. Parent A and Child B own equal shares in a ranch. Parent supplied all the funds to buy the property and conducts all ranch business. Who’s entitled to income from the land (i.e. received from grazing leases)?
Parent and Child own equal shares. Thus, each is entitled to 1/2 of the income.
Parent will be entitlted to “offsets” for any expenses Parent incurred and for Parent’s labor.
