There are many different decisions you’ll encounter when thinking about structuring ownership of your assets. These are all very important as this could come up in the future if you attempt to transfer these assets or if something happens to you, and another person is intended to receive them.
How you choose to structure your legal ownership is a conversation you should have with an experienced and qualified estate planning lawyer. An estate planning attorney can tell you more about the process and can help you figure out what is most appropriate for your situation. Holding a real property title is one of the most common concerns faced by people who have estate planning questions.
Different kinds of title will affect real estate sales, taxes and even estate planning. The title refers to a document that lists the legal owner of a piece of property and titles can be used to depict ownership of not just real property but also personal property. Personal property expands beyond real estate to look at vehicles, artwork, antiques, appliances and other personal effects.
Joint tenancy is one form of real estate ownership when two or more people hold title to a real estate together and then this allows it to pass to the surviving tenant through a legal relationship known as right of survivorship when one of the partners passes away. Tenancy in common also involves two or more people holding title to real estate with either unequal or equal percentages of ownership.
Tenants in common hold the title individually for their portion of the property and can dispose or manage it at will. Tenants by the entirety is only used when the owners of a property are legally married, which assumes that the couple is one person for clarification of legal purposes. So ownership involves a single entity or individual holding the title, and community property is a form of ownership used by spouses during their marriage for property they intend to own together. Learning more about these opportunities can help you figure out the best way to plan for your own estate. Contact a qualified estate planning lawyer in Pasadena to learn more.