California Estate Planning Attorney Details Asset Protection Options for Property & Accounts

10:09 pm Asset Protection, Estate Planning

asset protection 3 e1330639732456 California Estate Planning Attorney Details Asset Protection Options for Property & AccountsThere are several different types of legal ownership options for property and accounts that affect how each are distributed upon the death of an owner, offering varying degrees of asset protection:

Tenants in Common – allows for property ownership by multiple parties and allows for different percentages of ownership.  Once the property is sold, the owners receive the proceeds according to their percentage of ownership.  If one owner sides, his or her percentage becomes part of the estate and will pass to heirs via a will.  If there is no will, it will be distributed according to the rules in the decedent’s state of residence.

Joint Tenancy with Right of Survivorship – allows for equal ownership between two people; when one dies, the property or account passes to the other without having to go through probate.  The assets must be titled “with right of survivorship” or the ownership will be treated as tenants-in-common.

Trusts – a trust is an excellent vehicle to protect assets, especially if your assets are significant and there are multiple beneficiaries.  Property and accounts must be titled in the name of the trust, and the trust named as beneficiary of those assets.  While there are several different kinds of trusts that you can discuss with your California estate planning attorney, they all fall into two categories: irrevocable trusts and revocable trusts.  Both have their pros and cons, and you won’t know which meets your needs best without first consulting a California asset protection lawyer.

Let our Costa Mesa law offices help you get started by contacting us today.

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