Question

Please provide answers and discussion on all the following: What are the issues in how we take title to what we own? Remember that neither title deficiencies or any other mechanical issues such as recorded or not have any influence on how we take title. Explain the concept Right of Survivorship. When would a Life Estate be appropriate? Find out how a husband and wife hold title to property in your state.

Answer 1

Here are some issues in how we take title to what we own

• Errors in public records
• Unknown liens
• Missing heirs
• Forgeries
• Survey/Boundary disputes
• Unknown encumbrance,easements

Right of Survivorship: It is one of the attributes of joint ownership of a property. When right to survivorship is included in a jointly owned property, the partner who is living will by default get the share of property of the other partner who died. This is common when family members jointly own a property.

Life Estate is useful to avoid probate and to make sure that the heir intended will get title to the property. In addition Life Estate useful for estate planning, planning taxes and to get long term care protection for the property. To get all these advantages, it is appropriate to have a Life Estate.

In our state, husband and wife hold title to property through Joint tenancy and right of survivorship. The property will have a co-ownership of both the husband and the wife.