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Today we are here in Walnut Creek with attorney Joan Grimes to discuss holding title and some of the dangers that might be involved if you own a home and are holding title in the wrong way.
Traditionally, the way title companies have offered people to hold title is through joint tenancy. Typically, a couple holds the property as joint tenants, and whoever survives the longest gets the property. The problem with that is when one person dies and the title isn't switched over to the surviving spouse, it will have to go through probate.
Joan suggests that when this happens, you get a revocable living trust. This way, when there is a death, the title avoids probate. A trust not only helps you avoid probate, but helps people explain what they want to have done in their older, weaker age.
Title can also be held as a community property. This adds the benefit of, when one person dies, giving the other person their share, via right of survivor-ship.
Tenants in common is also another way to hold title, but is usually where we see mostly investors, and other people who aren't related.
If you don't know how you are currently holding title, a good start is to give Joan a call at (925) 939-1680. She has access to a large database with all of your title information. If you have any other questions, feel free to give us a call or send us an email. We would be glad to help.
