How you title your assets is a very important component of your Estate Plan. Below are examples of how you can title your assets to coincide with your Estate Plan.

Individual Name

If you own property in your sole name, upon your death, this asset will become part of your estate and will be required to go through the Probate process. The asset will then pass to a beneficiary named in their Last Will and Testament or by succession of law if there is no Will.

Tenants in Common

If you own property as Tenants in Common, upon the death of each co-tenant, their share will pass to a beneficiary named in their Last Will and Testament or by succession of law if there is no Will.

Joint Tenants With Right of Survivorship

If you own property as Joint Tenants With Right of Survivorship, upon the death of the first co-owner, their share of the asset will automatically pass to the surviving co-owner, regardless of the directives in a Last Will and Testament. This will also allow the asset to bypass the Probate process. This is commonly used with married individuals, but it can also be used with any individuals regardless of their relation to each other.

Revocable Trust

If you have created a Revocable Trust (sometimes referred to as a Living Trust), you can title your assets in the name of the Revocable Trust. This will allow the asset to bypass probate and be controlled under the terms set forth in your Revocable Trust.

Irrevocable Trust

If you have a created an Irrevocable Trust, you can title your assets in the name of the Irrevocable Trust. This will allow highly appreciated property to bypass probate, as well as bypass estate and inheritance taxes. The asset will be controlled under the terms set forth in your Irrevocable Trust. Unlike the Revocable Trust, once the asset is titled in the name of the Irrevocable Trust, you cannot remove the asset from the Irrevocable Trust.

Stone Legal Group, PLLC
(502) 326-5550