The manner in which we hold title to assets may have various positive and negative effects depending upon the asset, our domestic status and the status of our estate planning. For example, there are various ways that co-owners of real estate can take and hold title: joint tenancy, tenancy-in-common, community property and community property with right of survivorship, to name a few.
Each manner of holding title comes with specific laws regarding how the property will be transferred and taxed, whether it may be subject to creditor attachment and how the law will manage a dispute regarding the co-ownership. In some cases, the results of the legal treatment of title may appear unjust or inequitable but are nonetheless required by law. Oftentimes in the process of administering an estate, it is discovered that co- or individual owners did not hold title to an asset in the most beneficial manner. In some cases, this may be corrected by court intervention, and in other cases the owner or heirs of the deceased owner are simply required to accept the negative consequences resulting from the way that title was held.
It is crucial to lifetime asset management and estate planning to ensure that we hold title in the most beneficial manner to mitigate any possible negative repercussions and maximize positive effects of title. An experienced Estate Planning Attorney can assist in evaluating the way that your assets are titled and correct deficiencies that may be discovered. Contact Chauvel & Glatt to schedule a consultation to discuss the status of your assets.
The material in this article, provided by Chauvel & Glatt, is designed to provide informative and current information as of the date of the post. It should not be considered, nor is it intended to constitute, legal advice or promise similar outcomes. For information on your particular circumstances, please contact Chauvel & Glatt at 650-881-3021. (Photo Credit 123rf.com).