The word property is uncountable, and as such, is not described with an indefinite article. Property is which belongs to something whether physical or incorporeal, of a person's estate or so belonging to as in being owned by, a person or jointly a group of people or a legal entity like a corporation or even a society. Depending on the nature of the property, an owner of property has the right to consume, alter, share, redefine, rent, mortgage, pawn, sell, exchange, transfer, give away or destroy it, or to exclude others from doing these things.
In economics and political economy, there are three broad forms of property: private property, public property, and collective property also called cooperative property.
Property that mutually belongs to more than one party may be possessed or controlled thereby in very similar or very different ways, whether simply or complexly, whether equally or unequally. However, there is an expectation that each party's will (rather discretion) with regard to the property be clearly defined and unconditional,[citation needed] so as to distinguish ownership and easement from rent. The parties might expect their wills to be unanimous, or alternately every given one of them, when no opportunity for or possibility of dispute with any other of them exists, may expect his, her, its or their own will to be sufficient and absolute.
The Property that Suits you or Best for you.
Single ownership occurs when a single person owns a complete interest in a property or asset. Ownership is conveyed from one person to another through transfer documents, or by the laws of intestate succession. If the owner passes away, his or her interest in the property or the asset is included in the estate. Estate taxes and probate fees could diminish the value of that property if no other planning has taken place.
One positive is that the beneficiary of the property receives a full step-up in basis value. This means there will be no capital gain to worry about if the heir sells the asset because the heir receives the property at current market value.
Another form of co-ownership of property is joint tenancy with rights of survivorship. Joint tenants also have an undivided right to the enjoyment of the property. When a joint tenant dies, that person’s interest passes on to the remaining joint owners. However, while a joint tenant is alive, he or she can transfer interest to another person.
Joint tenancy is when two or more persons share equal, undivided interests in property. Joint tenancy is not limited to spouses – anyone can share joint interests, but there is a tax benefit when this arrangement is shared only between husband and wife (qualified joint tenancy). When an asset is owned by spouses, the value of the deceased spouse’s property passes to the surviving spouse with no probate and no tax consequences.
n a community property state, any assets or income obtained during a marriage are not owned solely by either spouse. It is considered part of the community of the marriage, and thus each spouse owns an equal share. Each spouse can choose to leave his or her share of the assets to one or more designated heirs upon death. There are no restrictions on how each spouse can give away his or her half of the community property , and there is no law requiring one person to leave his or her half to the surviving spouse.