QUESTION

What would be the best way to title a new home between to single people?

Asked on Apr 28th, 2012 on Estate Planning - Wisconsin
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What would be the best way to title a new home between to single people? One has one child, the other has two children.
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3 ANSWERS

Estate Planning Attorney serving Madison, WI
Partner at Horn & Johnsen SC
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The answer to your question depends on your intent regarding how the home should be distributed upon the death of an owner. If the home should be distributed to the survivor, then you should title the real estate in both names, as joint tenants. However, if the home should be distributed to the survivor's estate, then you should title the real estate in both names, as tenants in common. Ideally, to protect both of your interests in the event of disability, death, or a breakup, you should have a detailed Joint Ownership Agreement in place specifying the rights and obligations of each party. A clearly written agreement in advance can avoid a messy struggle (and possibly a court battle) in the future. It is advisable to consult with a Wisconsin estate planning attorney regarding your specific circumstances.
Answered on May 18th, 2012 at 11:50 AM

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Employment Law Attorney serving Milwaukee, WI
Partner at Karp & Iancu S.C.
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A tenancy in common or a joint tenancy are your two options. A tenancy in common is probably better, because a joint tenancy has rights of survivorship (which could get in the way of the other owner's children's right to the property, should one of you pass on at some point - God forbid).
Answered on May 18th, 2012 at 10:55 AM

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Criminal Defense Attorney serving West Allis, WI at Glojek Limited
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As tenants in common.
Answered on May 18th, 2012 at 10:44 AM

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