Posted 03/16/2009
All of My Property Goes Through My Will, Right?
Misconception #1 of “The 12 Biggest Misconceptions of Estate Planning Clients”
By Deborah Hoskins, JD, CFP
Most people know what they own, but few people know how they own it.
Unless you’re single with very few assets, this may describe you. How
can this be?
Here’s a common scenario. Husband and wife bought their house 10 years ago, and they own it 50/50. But what does the house title actually say? If the title says “jointly” or “joint tenants” or “joint tenants with right of survivorship,” then the house will automatically become the surviving spouse’s sole property upon the death of the other, with no probate process necessary. If those magic words don’t appear anywhere on the title (at least in Colorado), then the deceased spouse’s “half” might have to pass according to the will, or by state law if there is no will. Read More >>
Here’s a common scenario. Husband and wife bought their house 10 years ago, and they own it 50/50. But what does the house title actually say? If the title says “jointly” or “joint tenants” or “joint tenants with right of survivorship,” then the house will automatically become the surviving spouse’s sole property upon the death of the other, with no probate process necessary. If those magic words don’t appear anywhere on the title (at least in Colorado), then the deceased spouse’s “half” might have to pass according to the will, or by state law if there is no will. Read More >>
