If you’re in the process of evaluating your estate it is important to know the ways you can own property. When you are creating your asset list, it will be very helpful to your family to state how the property is owned and save them the leg work.
There are two types of property: real property and personal property. Real property is the term used to describe real estate—land and the buildings on it. Personal property is anything that is not real property. Personal property includes everything from your bank accounts to the diamond necklace you got on your 16th birthday.
Real Property can be owned a few different ways. Depending on the type of ownership, you may be able to leave the property to someone in your will.
• Sole owner. This is the most basic type of ownership. You are the only owner and do not have any co-owners. Anything you are sole owner of, you can also give away. Therefore, if you are the sole owner, you can list the property in your will. Continue reading “Evaluating Your Estate” »