DETERMINING THE OWNERSHIP OF PROPERTY
We recently shared articles regarding the importance of choosing the right people to fill essential roles when executing your estate plan. Ownership (or titling) of property is another valuable aspect to consider.
There are various ways property can be owned which also effects how property can be transferred. In general, ownership can be outright, as tenants in common, as joint owners with rights of survivorship, or as community property. The use of trusts and custodial gifts to minors with UGMA or UTMA designation are options as well. Attached is a document describing some of the more common forms of ownership.
We would be happy to discuss this further or answer any questions you may have.