Welcome back. In our last blog post our estate planning attorney in Cary NC talked about titling assets in your estate plan and why it might be important to do so. Today, we are going to continue. Remember, last post we mentioned that 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. 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.
Joint Tenancy by the Entirety | Estate Planning Attorney in Cary NC
Similar to rights of survivorship for married couples, this ownership allows spouses to own property as a single entity. It means that ownership cannot be separated. Creditors of the owners can make claims against the property. This type of title is only available to married couples.
If you want to hold ownership of your assets alone, then a basic fee simple, or sole ownership, is an option. The distribution of your property is determined by what is outlined in the will. If there is no will, then distribution is subject to the state’s laws.
In order to avoid probate, your property can be titled in the name of a living trust. A trust may also help avoid taxation on your assets. The trustee holds the ownership rights outlined by the trust. A beneficiary is named but does not have control of the assets until the trustee passes away.
Keep in mind that as situations change, you may need to reevaluate how your property is titled. If you get a divorce, have children that will become beneficiaries, or make another major life change that affects how you want your assets to be distributed, it is important to update your estate plan.
We hope this information helps you with understanding the importance of titling your assets within your estate plan. For more information, remember to visit with our previous blog post, here.
Contact Our Estate Planning Attorney 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 planning attorney in Cary NC is 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, we are available to help you through your legal situation. Contact us, today, to make an appointment.