Based on recent calls to our office, many are becoming more concerned about plans for their personal and business assets during this unusual time, we wanted to share how title makes a big difference in these 3 specific scenarios.
If you own an account that is titled in your name alone (i.e. My bank account states “Sally Jones” as the owner), and the asset does not have any beneficiary form attached to it, this is an asset that will create a probate if you were to pass away.
If you have a home that is owned by a husband and wife, and one of them passes away, that home is owned 100% by the surviving spouse and there is no need for a probate.
Title Matters
If you have a business and have an operating agreement or shareholder’s agreement, remember that agreement states how your ownership or shares will transfer upon your disability or death.
Tips:
1. Write down all of your assets and how they are titled.
2. Make sure all of your beneficiary forms for each of your accounts state the person you want to inherit that asset.
3. If you own a business and do not have a business agreement to address your ownership or sales then make sure your estate plan addresses your business asset.
*Ask about our Estate Review option.
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