Characteristics And Consequences Of Properrty Titling

Question 1

Who needs a state planning?

Answer 1

People who have:

Spouses or domestic partners

Children

Dependence (parents, minor children, disabled relatives)

Businesses

Pets

Question 2

What is Fee Simple (FS) ownership?

Answer 2

Complete ownership with all rights also referred to as sole ownership

Question 3

What is Life Estate?

Answer 3

Ceases upon the death of the owner of the life estate

Question 4

What is Interest for Term?

Answer 4

Similar to life estate, but for a definite term

Question 5

What is Tenancy in Common (TC)

Answer 5

Two or more persons holding an undivided interest in the whole property (ownership percentage may differ)

Can be severed without the other co-owners consent

Question 6

What is Joint Tenancy With Rights of Survivorship (JTWROS)?

Answer 6

Two or more persons holding interest passes to surviving joint owners by right of survivorship

Question 7

What is Tenancy By the Entirety?

Answer 7

JTWROS but only between spouses, but needs spouses consent to sever

Question 8

What is Community Property?

Answer 8

Recognized by nine states

Property interest arising from marital relationship 50% owned by each spouse

All property acquired during marriage is community property , except property received as gift or inherited by one spouse individually or received as a legal judgment or acquire prior to marriage

Retain status, even if you move to a state that does not have community property laws

Question 9

What is Pay on Death (POD)?

Answer 9

Bank account that has a named beneficiary sometimes known as a Totten Trust.

Question 10

What is a Transfer on Death (TOD)?

Answer 10

Securities Brokerage Account transfer on death