WillMay 12, 2023by Finex & CoYour jointly owned property does not necessarily belongs to you!

Co-proprietorship, also known as co-ownership, is a form of property ownership in which two or more individuals jointly own a property. Each co-proprietor has a legal interest in the property and shares in the ownership rights and responsibilities of the property.

There are two types of co-proprietorship: joint tenancy and tenancy in common.

  1. Joint Tenancy: each co-proprietor has an equal share in the property, and if one co-proprietor dies, their share automatically passes to the surviving co-proprietor(s) under the principle of survivorship.
  2. Tenancy In Common: each co-proprietor can hold a different share in the property, and if one co-proprietor dies, their share can be passed to their heirs according to their will or the laws of intestacy.

In Malaysia, it is important to know that co-proprietorship runs in the form of tenancy in common.

Therefore, it is recommended that individuals create a Will to ensure that their wishes are properly documented and their assets are distributed according to their wishes, rather than relying on the Distribution Act 1958 itself.

You may make an appointment with our legal advisor here:

https://calendly.com/finex-and-co-legacy-advisory/tea-talk-with-legal-expert

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