0
Is joint ownership of property of husband and wife a good estate planning tool?
Wiki User
∙ 13y ago
Yes it is. If one spouse dies the house/property will automatically go to the living spouse according to the Will. If you don't have a Will please have one drawn up. If you aren't leaving money to children, then keep it simple and just leave everything to the surviving spouse. Here is another thought (I just found this out and I live in British Columbia, Canada) both parties should have joint ownership on both vehicles in the family so if one spouse dies the vehicles goes directly to the surviving spouse and there is no red tape to go through. The next time you have your car insurance renewed ask them about this and they'll glide you through it.
Answer/ClarificationYes. Joint ownership of property is an essential estate planning tool. There are two options.People who are legally married have the benefit of a special tenancy for real property ownership: tenancy by the entirety. In any jurisdiction where TBE is allowed, that is the first choice for joint ownership. In those jurisdictions where TBE is not an option then any couple, married or not, should own as joint tenants with the right of survivorship. That way when one dies the full ownership of the property passes automatically to the Survivor, bypassing probate. That is especially important when there is no will or when the couple is not legally married.
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
How do you show ownership of property when someone else lives on the property?
Ownership of real property is evidenced by a deed or a probated estate.
What the meaning of estate ownership?
A persons estate is all the property they own both real and personal property.
What type of real estate ownership is the most all-inclusive?
Ownership in fee simple is the highest form of real property ownership.
Can my husband kids claim our property after his death?
State laws vary, and your husband's children may be able to claim a portion of his estate unless he does some estate planning now. All your property and accounts should be held as joint tenants with the right of survivorship. If not, then your husband should have a will drafted by an attorney who specializes in probate and estate planning. If he does neither then his children may be able to claim a portion. You can check the laws of intestacy in your state at the related question link below.
Can your husband do estate planning without your signature?
Generally, he can do his own estate plan without your consent. He can create a plan for the distribution of his own estate but he cannot include your interest in any property nor can he add to the plan any property in your sole ownership. He cannot cut off any survivorship rights you have in jointly owned property.Generally, he can do his own estate plan without your consent. He can create a plan for the distribution of his own estate but he cannot include your interest in any property nor can he add to the plan any property in your sole ownership. He cannot cut off any survivorship rights you have in jointly owned property.Generally, he can do his own estate plan without your consent. He can create a plan for the distribution of his own estate but he cannot include your interest in any property nor can he add to the plan any property in your sole ownership. He cannot cut off any survivorship rights you have in jointly owned property.Generally, he can do his own estate plan without your consent. He can create a plan for the distribution of his own estate but he cannot include your interest in any property nor can he add to the plan any property in your sole ownership. He cannot cut off any survivorship rights you have in jointly owned property.
What laws effect ownership of real estate from out of state?
The laws of real property and probate in the state where the property is located control ownership.
Is life use and life estate the same?
No, life use and life estate are not the same. A life use is the right to use property for a specific purpose, while a life estate is an ownership interest in property that lasts for the life of the individual. Life use rights do not grant ownership of the property, whereas a life estate includes ownership rights during the individual's lifetime.
Does a stepfather have rights to property if mother had a life estate?
No. Mother's life estate is extinguished upon her death. Her husband would have no rights in the property whatsoever.No. Mother's life estate is extinguished upon her death. Her husband would have no rights in the property whatsoever.No. Mother's life estate is extinguished upon her death. Her husband would have no rights in the property whatsoever.No. Mother's life estate is extinguished upon her death. Her husband would have no rights in the property whatsoever.
Can widow's personal property be seized by heirs of her husband?
No. A widow's personal property is not part of her husband's estate.
Real Estate Tokenization?
The process of digitizing ownership of a real estate property by issuing and managing tokens on a blockchain network is known as real estate tokenization. With fractional ownership, the technique allows multiple investors to hold a share of the property.
My husband is on the deed we are both on the mortgage and he has died. Am I responsible for the debt?
If the mortgage isn't paid the lender will take possession of the property by foreclosure. If you signed the mortgage then you are responsible for paying the debt on your husband's property. You need to consult with an attorney about having your husband's estate probated. If you're not on the deed the property is part of his estate and his estate must be probated in order for title to pass to his heirs.If the mortgage isn't paid the lender will take possession of the property by foreclosure. If you signed the mortgage then you are responsible for paying the debt on your husband's property. You need to consult with an attorney about having your husband's estate probated. If you're not on the deed the property is part of his estate and his estate must be probated in order for title to pass to his heirs.If the mortgage isn't paid the lender will take possession of the property by foreclosure. If you signed the mortgage then you are responsible for paying the debt on your husband's property. You need to consult with an attorney about having your husband's estate probated. If you're not on the deed the property is part of his estate and his estate must be probated in order for title to pass to his heirs.If the mortgage isn't paid the lender will take possession of the property by foreclosure. If you signed the mortgage then you are responsible for paying the debt on your husband's property. You need to consult with an attorney about having your husband's estate probated. If you're not on the deed the property is part of his estate and his estate must be probated in order for title to pass to his heirs.
Can you be removed from the property of my deceased husband's life estate?
Yes. If your husband was the sole owner of the life estate then it was extinguished when he died.
