Purchasing a home, whether it be a condo, a house or a vacation property is a huge life milestone. However, estate planning should be considered upfront as the title of the property can impact estate planning in
Many people who purchase property do so and register the title in their own name. As the sole owner, this affords the most control over the property. One of the downfalls of owning property personally is that upon death, the property will not be transferred to your will, trust, or intestate beneficiaries without the involvement of probate court. This can be time-consuming and stressful. Additionally, if the property is valuable, there may be significant probate and legal fees.
Joint tenancy with right of survivorship is an extremely popular method of titling property for married couples. Upon the death of a spouse, the property is transferred automatically to the survivor without the need for probate court. It should be noted that this method of titling property is not limited to spouses.
It's not possible to dispose of an asset held in joint tenancy in a will or have your individual share transferred to a trust. Once the deceased's share is transferred, the survivor will own the property in their individual name.
Part two of this blog will discuss the benefits of titling property through a Trust or LLC.
Remember, prior to completing the purchase of any property, speaking with an estate planning lawyer in
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