YOU CANNOT INCLUDE JOINTLY OWNED PROPERTY IN YOUR WILL

YOU CANNOT INCLUDE JOINTLY OWNED PROPERTY IN YOUR WILL

In Nigeria, property ownership laws place significant limitations on what a testator (a person making a will) can include in his/her will when it comes to jointly owned property.

Joint ownership in Nigeria is typically governed by the legal principle of the “right of survivorship.” This means that on the death of one joint owner, his share in the jointly-owned property automatically goes to the surviving joint-owner(s). As a result, the deceased (late) owner has no portion of the property left to will to his heirs, beneficiaries/children, spouse, family, etc.

If you jointly own a property with another person, you cannot include that property in your will. Any attempt to will your own interest in a jointly owned property would be invalid, as your interest effectively ceases upon death. Only the surviving joint owner(s) can continue to hold rights to the property, as the deceased’s rights are automatically extinguished.

So it is important for you to understand your ownership status i.e. whether you own property jointly or in common. Unlike joint owners, owners-in-common allows each person to have a distinct share that can be transferred, inherited or willed independently, as it lacks the “right of survivorship.”

You should carefully consider your ownership structure to ensure your property/estate planning aligns with your intentions for property distribution.

Apex Chambers, Property/Real Estate Lawyers, Port Harcourt, Nigeria.

Phone: +2347030868694

Email: info@apexchambersglobal.com

Website: www.apexchambersglobal.com