Are All Your Assets Held In The Proper Title?

Like most people, you probably own different kinds of property, acquired at different times in your life. Maybe you bought some stocks when you were single. With a spouse you opened a joint bank account and bought a home. When kids arrived you bought life insurance. Maybe you inherited property from a relative. At work, you are building value in a retirement plan. You likely own a car as well. As a result, you own many different types of assets.

A question that’s easy to overlook is: how should title to these assets be held? Should the records list them as owned by you and your spouse? Do you own the properties as joint tenants, tenants in common or as community property? The answers are very important as they affect what happens to the property if you separate or divorce, who gets the property when you die, and who has power to make decisions about the property.

Here are some of the most common ways to hold title to real and personal property...

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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