How is your home titled?

How you hold title to your home determines who inherits your interest upon death. You likely have not thought about this since purchasing your home. Here’s why it’s important to review your title work.

If you have ‘sole ownership‘ of the property, you need additional documentation stating who gets your interest in the property. This could be a will or what is called a ladybird deed. 

If you and your spouse are on the title, it is called ‘Tenants by Entirety‘. Upon the death of a spouse, full ownership goes to the survivor. Are plans in place to convey the property’s interest upon the death of both parties?

If you and a third party hold title, it is typically as ‘Tenants in Common‘. Either partner can sell their interest at any time. If the selling partner has unknown financial or legal problems, it can result in liens on the property affecting the value of your interest or ability to sell it.

Too often we find life circumstances have changed making property titles outdated. An important part of any review of assets includes a closer look at how you hold title to your property.
An ounce of prevention can go a long way when it comes to real estate matters. 

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