Three business partners — Carlos, Priya, and Tom — purchase a commercial building in Lexington as tenants in common. Carlos owns 50%, Priya owns 30%, and Tom owns 20%. Carlos dies and leaves his interest to his daughter in his will. Which statement correctly describes the outcome under Kentucky law?
Correct Answer
B) Carlos's 50% interest passes to his daughter as directed by his will.
In a tenancy in common, each co-owner holds a separate, divisible interest that can be transferred by deed, will, or intestate succession. There is no right of survivorship. Carlos's 50% interest passes to his daughter exactly as directed by his will, and she becomes a tenant in common with Priya and Tom.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A leasehold estate grants the right to possess and use property for a defined period of time, without conferring ownership.
A life estate is a freehold estate that grants ownership rights for the duration of someone's life.
Real property is immovable land and anything permanently attached to it, while personal property (also called chattels) is movable.
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