🏡 Why Property Titling Matters in Estate Planning 📜

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 🔑

📍 Sole Ownership
👤 One individual owns the property.
✔ Pros: Full control over the property.
❌ Cons: Must go through probate before heirs receive it.

📍 Joint Tenancy with Right of Survivorship (JTWROS)
👥 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.

📍 Tenancy in Common
🤝 Multiple owners each hold a percentage of the property, which can be passed to their heirs.
✔ Pros: Owners can designate their heirs.
❌ Cons: Property must go through probate unless placed in a trust.

📍 Tenancy by the Entirety (Married Couples Only)
💍 Provides asset protection, preventing creditors from forcing a sale.
✔ Pros: Protects from individual lawsuits/debts.
❌ Cons: Only available in certain states & only for spouses.

📍 Revocable Living Trust
📜 Titles the property in the name of a trust, ensuring a smooth transition without probate.
✔ Pros: Avoids probate, provides control after death, and allows for tax planning.
❌ Cons: Requires proper setup & management but offers the most flexibility.

What to Do Before Closing on a Property ✅

🔹 Decide on Your Ownership Structure – Work with an estate planning attorney to choose the best option.
🔹 Inform the Title Company – Ensure correct titling before closing (changing it later can be costly!).
🔹 Align with Your Estate Plan – If you have a trust, make sure your property is titled properly.
🔹 Review with an Attorney – Get professional guidance to protect your investment & heirs.

🏡 Proper titling = peace of mind for you & your loved ones! 💙 #EstatePlanning #HomeBuying #RealEstate #WealthProtection #SmartInvesting

Source: Rutkowski Law Firm www.rutkowskilawfirm.com

Whether buying, selling, or seeking valuable insights into the market, I'm here to be your trusted guide in the dynamic world of real estate. Feel free to contact me for a confidential discussion, where we can explore your goals, address any questions, and navigate the exciting path of real estate together. Your real estate journey is unique, and I am committed to providing personalized assistance tailored to your needs. Don't hesitate to connect.

Dani | 734-623-9442 | dani@danihallsell.com

Comments

✨ Friday Spotlight: Opening Doors with Bank of Ann Arbor’s Community Impact Program 🏡

When homeownership feels out of reach, Bank of Ann Arbor is stepping up with a powerful solution: the Community Impact Program , designed to help low- to moderate-income Michigan residents become homeowners 💪. Bank of Ann Arbor is committed to providing accessible and affordable mortgage solutions that foster homeownership and financial stability for first-time buyers. Their experienced team is here to answer your questions and guide you every step of the way 🛤️. 📋 Program Highlights: ✅ Supports first-time homebuyers earning 80% or less of Area Median Income ✅ Up to 100% loan-to-value on purchases ✅ Minimum credit score: 620 ✅ Can be combined with the Community Impact Grant Program or other qualified down payment assistance programs—up to $8,000 💸 ✅ No private mortgage insurance (PMI) = lower monthly payments 💰 Meet the Advocate: Constance Pearson Ramirez 💬 At the heart of this initiative is Constance Pearson Ramirez , Community Engagement Officer at Bank of Ann ...

🏡 Washtenaw County’s Older Adult Millage: Supporting Seniors for a Better Future

In November 2024, Washtenaw County voters approved the Older Persons Services Millage , a dedicated property tax aimed at enhancing services and support for residents aged 60 and older. The 0.5-mill levy, set to run for eight years (2024-2031), is projected to generate approximately $11.6 million in its first year. 💡 What Is It and How Does It Work? The Older Adult Millage was created to address the growing senior population in Washtenaw County. With over 72,000 residents aged 60+, this initiative ensures that older adults have access to vital services that enhance their safety, well-being, and independence. Funds collected from the millage are allocated to organizations that provide essential services, such as home assistance, transportation, and caregiver support. 👵 Who Benefits? The millage supports older adults (60+) living in Washtenaw County by funding programs that promote independence, safety, and overall well-being. ✅ Key Services Provided: 🏠 Safe & Supported Ho...

💖 The History of Valentine’s Day: From Ancient Rituals to Modern Romance 💌

Valentine’s Day, celebrated every February 14 , is a day dedicated to love and affection , often marked by the exchange of cards 💌, chocolates 🍫, and flowers 🌹 . But the origins of this romantic holiday are steeped in history , blending ancient traditions, religious significance, and cultural evolution over centuries. 📜 Ancient Beginnings: The Festival of Lupercalia The roots of Valentine’s Day can be traced back to ancient Rome 🇮🇹 , where the mid-February festival of Lupercalia was celebrated. This pagan festival , held between February 13 and 15 , was a fertility rite dedicated to Faunus, the Roman god of agriculture 🌿 , and Romulus and Remus 🐺 , the legendary founders of Rome. It involved animal sacrifices 🐐 , feasting 🍷, and rituals where young men would draw the names of women from a jar, pairing them together for the festival (and sometimes longer 💞). 💔 The Legend of St. Valentine The romantic association of February 14 is often linked to St. Valentine , thoug...

Dani Hallsell | Real Estate Blog

Search This Blog