Ownership or 'title' to real property can be held in a number of ways, including joint tenancy, community property, or tenancy-in-common. Each of these ways to hold title has advantages and disadvantages for estate planning purposes. If you own real property, you should know how your 'title to property' is held. You can determine this by looking at the deed to your property. It will specify whether the property is held as joint tenants, tenants-in-common, or as 'husband and wife', which is community property. Often, titles are placed in one of these categories at the time of purchase on the advice of a realtor, or without much thought. Carefully considering your options can maximize the benefits of your estate for your spouse, your children, or other heirs. Title to real property can easily be changed by executing new deeds prepared by an attorney and notarized by a notary public. It's important that new deeds be made out properly in order to avoid creating a 'cloud' on the title to the property. For more information regarding changing title, please contact an attorney.
