OWNERSHIP OF ASSETS

Effects of How Assets are Owned and Titled

How your assets are owned and titled is as important as your Will and should be discussed with your attorney.

The value of different types of assets is also important in planning and the administration of your estate because the values will affect income and estate taxes, fees and expenses that may be incurred by your estate.  In certain situations these expenses can be minimized by proper planning, which may include revising how your assets are owned and/or the creation of trusts.

The ownership of certain assets can be important to avoid claims of certain creditors, tax implications or an asset being held or wasted if is for the benefit of a minor child.

The following are a few of the different types of property ownership:

1.   Sole ownership

2.   Joint without rights of survivorship

3.   Tenancy by Entireties

4.   Joint with rights of survivorship

5.   Transferable or payable on death to one or more beneficiaries

6.   Sole ownership with named beneficiaries

Below is a list of many types of assets to help you think about the assets that you may have:

1.   Tangible Personal Property:

a.    Vehicles

b.   Furniture

c.    Art & antiques

d.   Jewelry

e.    Household goods

f.    Clothing

g.   Tools

h.   Collectibles

i.     Other miscellaneous tangible assets

2.      Real Estate

3.      Contracts to sell or purchase real estate

4.      Oil, gas or mineral interests

5.      Crops

6.      Farm animals or equipment

7.      Cash

8.      Checks

9.      Bank Accounts

10.  Brokerage Accounts

11.  Stocks

12.  Bonds

13.  IRA’s/401K’s

14.  Life insurance policies

15.  Death benefits

16.  Insurance on the life of another person

17.  Retirement and pension benefits

18.  Annuities

19.  Private companies/business interests

20.  Business assets

21.  Unpaid salary

22.  Loans & debts owed to decedent or his estate

23.  Account receivables

24.  Leases

25.  Contract rights

26.  Other legal rights/lawsuits

27.  Proceeds from lawsuits

28.  Dividends and interest

29.  Inheritances

30.  Other property or assets

Your creditors and liabilities are also important. You should determine whether the obligations are joint with someone, or your sole obligations, and whether the obligations are secured or unsecured.

Below is a list of types of debts and liabilities. 

1.      Mortgages

2.      Credit cards

3.      Business expenses

4.      Loans secured by vehicles or other assets

5.      Medical bills

6.      Funeral expenses

7.      Personal loans

8.      House and utility expenses

9.      All other expenses and debts