When you have a trust, it is critical that it is funded properly so that your intentions are carried out in the event of your death. Unfortunately, many trusts fail because property isn’t put in the trust—meaning that the trust doesn’t own everything it is entitled to own. When people have established living trusts, their property is typically held in their trust. However, not everyone puts their property in trusts.
Even if your trust doesn’t own your real estate property, you need to understand the effects of how you hold title. A skilled Peachtree City estate-planning attorney can advise you on how you hold title to your assets and why it is important in the estate planning process.
- Joint Tenancy. People—married or unmarried—who co-own property together can hold title as joint tenants with right of survivorship. This means if one owner dies, the property would pass to the surviving co-owner—taking priority over the wishes in a person’s will.
- Community property with right of survivorship. People who hold title in this way are not affected by a will. When a spouse or partner dies, the property passes to the surviving spouse or partner on title.
- Tenant-in-common. Owning real estate property with someone as tenants-in-common allows the cotenant’s interest in the property to pass to a beneficiary named in the will when that tenant dies.
For help creating a trust or a will, or to make sure that the way you hold title is in your best interest, call the Law Offices of Shane Smith to speak with a skilled Georgia estate-planning lawyer today at (770) 487-8999.