Exploring Ownership Options
If you’re considering owning the property individually, you’ll need to decide between tenants in common or joint tenants. Joint tenants mean ownership automatically transfers to the surviving owner if one passes away. With tenants in common, each owner can allocate their share in their will.
For more flexibility or protection, you might explore owning the property in a trust or a company. Trusts, such as family or discretionary trusts, can offer tax benefits and asset protection. Companies can also provide some advantages, but these options may have higher setup and ongoing costs. Choosing the right structure depends on your circumstances and goals.