Buying property involves a life and death decision. Answering the question “How should I own it?” often depends on what you would like to happen when one or more of the owners dies.

Married couples, for example, often take ownership as Tenants by the Entirety. It gives both spouses an undivided 100% ownership interest in the property. When one spouse dies the other automatically receives full ownership without the need to go through a probate proceeding (a court process where a dead person’s property is disposed) to change the ownership. Tenancy by the Entirety also protects the family home. The consent of each spouse is required to sell the property, and a creditor of one spouse generally cannot foreclose on the property if the debtor spouse defaults.

Unmarried people that buy property together can also include automatic survivorship in their ownership relationship. They do this through a Joint Tenancy with Right of Survivorship (JTWROS). The owners could include more than two people with each owning an equal share of the property. When one owner dies that person’s share passes to the surviving owner(s), and so on until the last surviving owner dies. These transfers happen automatically without probate proceedings.

Tenants in Common is yet another ownership choice when there is more than one owner and they don’t want their interest to pass to the surviving owner upon death. Tenants in Common can have unequal interests. For example, if you purchase a house with your sister and the downpayment is split 60%/40%, you may want the ownership split to reflect that difference. A Tenant in Common can choose to sell its interest without the other tenants’ consent, and they can transfer their share by will to anyone. This is the type of tenancy that is assumed when no other tenancy is specifically created in the property deed.

Conflict, disputes, and probate are stressful and expensive. If you’re pooling resources to buy a property, think about how it should pass when someone dies or later wants to sell. Talk with a lawyer if you’re unsure what solution is best for you.