Buying a home or investment property is exciting, but how you title it is just as important as the purchase itself! Property titling impacts: ✅ Ownership rights ✅ How the property transfers after your passing ✅ Potential tax and legal implications Without proper planning, your loved ones may face delays, legal complications, and costly probate. Here's what you need to know: Common Ways to Title Property & Their Estate Planning Impact ๐ ๐ Sole Ownership ๐ค One individual owns the property. ✔ Pros: Full control over the property. ❌ Cons: Must go through probate before heirs receive it. ๐ Joint Tenancy with Right of Survivorship (JTWROS) ๐ฅ Two or more owners hold equal shares. Ownership automatically transfers to the surviving owner(s) upon death. ✔ Pros: Avoids probate & allows seamless transfer. ❌ Cons: Property cannot be passed to heirs outside the joint owners. ๐ Tenancy in Common ๐ค Multiple owners each hold a percentage of the property, which can be passed...
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