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Are Your Assets Titled Properly?
November 12, 2019 at 9:00 AM
by Irina S. Shea, Attorney at Law, LLC

Many married couples own property “Joint with Right of Survivorship” or “Tenants by the Entirety” which works well in many cases. It does mean, however, that those “joint” assets do not pass under a Will and may or may not be appropriate for blended families or families where asset levels differ greatly between husband and wife. It may make sense in certain families to “mix and match” beneficiaries of given assets (especially retirement plans) depending on the long term outcome you wish to achieve. We also want to be sure if any assets are “Tenants in Common” that is, separate half and half ownership not reverting to the surviving owner at death, that the intended beneficiary is clear. For example some families own beach homes with siblings as part owners via Tenant in Common deeds. These situations need a close look during the estate planning process to ensure a fair and peaceful outcome for the next generation.