- Elder & Estate Planning Attorneys, PA. Attorneys and Counselors at Law - https://elderlawyersfl.com -

Does the way in which I hold title make a difference in my overall estate plan?

[vc_row][vc_column][vc_custom_heading source=”post_title” font_container=”tag:h1|text_align:center” use_theme_fonts=”yes”][/vc_column][/vc_row][vc_row][vc_column][vc_video link=”https://www.youtube.com/watch?v=x9IkWL7W8FE”][vc_empty_space][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]The way in which you own title to your assets definitely makes a difference for your overall estate plan. If you own it in your individual name then that asset, upon your death, is going to be controlled by way of your will. If you own it in your trust then your trust controls it and how your trust distributes those assets will control that asset upon your death. If you own the asset with somebody else, and there’s several different ways in which you could own that asset, tenants by entirety, tenants in common, joint tenants with rights of survivorship.

Those assets then may be transferred to that person upon your death. That happens in a joint tenancy and that happens with tenants by the entirety. Tenants in common, however, will not go to that person that you own that property with; it goes by way of your will and so it makes a very big difference in your estate plan how you own title to your assets.[/vc_column_text][/vc_column][/vc_row]