As mentioned in the Legal Structures section, if you have chosen a legal structure without a right of survivorship (e.g. tenancy in common), your share in the space Will pass to your heirs as dictated in your Will – or, if you don’t have a Will, according to your state’s inheritance laws for people who die intestate (without a Will).
Note that if you have a percentage of a tenancy in common, shares in a coop, or an interest in an LLC, your shares are inherently less liquid than owning property alone, because they are more intimately intertwined with other people. This can make their market valuation less than their face value – for example, if you own ¼ of a $400,000 house, your shares are likely worth less than $100,000 to others because they come with obligations to three other co-owners.
A related risk is that your share will pass to a family member or other person who doesn’t accept your or your co-owners' values or identities. This could make things difficult for your co-owners. If you have a legal structure without a right of survivorship, make sure to be intentional in your operating agreement and your Will about who inherits your shares, and specify that they are also bound by your operating agreement.
For example, co-op agreements frequently have a provision that says “this document binds the signatories, and their heirs, assigns and agents.” (Lawyers will often add this by default to operating agreements.) This means whoever you leave your shares to has to abide by your operating agreement. Co-op agreements often say that you can leave your shares to someone, but the co-op board can veto that person moving in; and if they do veto, your heirs have to sell it to someone else.
