When planning how your estate will be distributed, it is important to make sure your assets are titled so that there won’t be any unexpected problems when they are distributed to your heirs.
Many people think that just because their will outlines how they want their property distributed, their final wishes will be followed. If a piece of property or other asset is improperly titled, it could be considered outside of your estate and could affect the way it is taxed and divided.
Protect yourself and your family by learning the different types of ownership and seeing if you need to change the titling of your assets so that they can be passed on to your heirs without taxes or other complications.
There are a few options as to how to handle titling of your estate, depending on whether you want to hold it jointly or separately. Working with estate lawyers in Cary NC can help, as well.
Joint with Rights of Survivorship | Estate Lawyers in Cary NC
This is the most common way a married couple titles their assets so that they have joint ownership. This type of title states that two or more parties have simultaneous ownership. When one dies, the ownership automatically passes to the surviving party and overrides any other claims. It cannot be overturned by instructions outlined in a will.
Joint Tenants in Common
Another way to have joint ownership, but with less control, is through joint tenants in common title. If an asset is titled this way, there can be multiple owners, but upon the death of one, his or her share is distributed according to his or her will. The deceased’s share is not automatically passed on to the surviving owners. This type of title is not limited to married couples only; it can be used by people with a shared interest in an asset.
For more information about how to title your assets in an estate plan, visit back with our blog soon. Our estate lawyers in Cary NC will offer even more information that will help you ensure you've got a sound estate plan.
Eldreth Law Firm, PC | Estate Lawyers in Cary NC
If you don’t have an estate plan in place or haven’t reviewed yours in several years, now might be the best time to start. Our estate lawyers in Cary NC are here to help you get your estate plan in order and ready should you pass in an untimely manner or become incapacitated at some point. It’s better to be safe than sorry when it comes to estate planning. Contact our office, today, to get started.
Also, remember that our law office offers other legal services for you, as well. Whether it’s entertainment law, family law, small business law and others, our estate lawyers in Cary NC are available to help you through your legal situation. Contact us, today, to make an appointment.