Does Property Title Coincide With Intended Estate Planning?
Published by Tei Baishiki under General.If you have never been involved in the sale of a property in which the title of the property was in conflict to a deceased property owner’s Will, be thankful. What a complicated mess it can become!
Most often, this is through no intention of the property owner, but rather a misunderstanding of the fact that when there is a discrepancy between the two, the Deed of Trust supersedes the instructions of the Will.
An example would be the title to a property owned between two friends is held in 50/50 joint tenancy. They each have children and their individual Wills state that upon the death of either, their interest in the property is to transfer to their respective children. Though very well intended, the title is held in Joint Tenancy (with right of survivorship) rather than Tenants in Common. In this instance, the interest in the property would transfer to the surviving titleholder, not the children of the deceased owner.
Estate planning is essential and can save you and your heirs from a lot of unexpected, and unnecessary, headache and expense. Holding title to property that corresponds to your Will or Living Trust is a must. For information regarding estate planning visit http://money.cnn.com/retirement/guide/EstatePlanning/.
Terri Adamo
Franchise Sales Director
Terri.Adamo@rwnc.net
