I often talk about the relationship of title with regard to estate planning. I bring it up often because it’s crucial to understand how you own your property. Without this understanding, you may have false expectations about how asset transfer works.
For example, if everything you own is titled jointly with your spouse, at the time of your death, your spouse becomes the owner of everything without the necessity of probate.
What if, however, your spouse precedes you in death? Or what if you both die at the same time? What if you don’t have a great relationship with your spouse or don’t trust him or her to distribute your assets among your beneficiaries according to plans you previously discussed? This is where titling can become difficult to understand.
The main benefit of understanding titling is that your loved ones can avoid probate. An easy way to avoid probate if you’re single or widowed is to establish a revocable living trust. With a revocable trust, you can directly pass titled property onto your successor without the hassle of probate, the fees of which can easily amount to tens of thousands of dollars.
You spent a lifetime working so your loved ones could have a better life. Why spend that hard-earned money on attorney’s fees and court costs? Learn how to avoid probate, and understand the best ways to title property by calling us at (954) 532-9447.
All My Best,
Horacio Sosa, Esq.