How To Take Title In California - Is Vesting Of Your Property Really That Important?

Vesting of your property title may seem like ahusband and wife. Has some tax benefits, such as
minor decision now, but it has a critical effect on"step up" in value basis upon death of one spouse.
your taxes, your inheritance, and your financialCan be with or without right of survivorship.
future. When purchasing or refinancing your5. Joint Tenancy - title held equally by any number
property, you must decide how you will hold titleof persons, including husband and wife. Owners
before escrow closes. Consult your attorney andhave right of survivorship (upon death of one
accountant to advise you.owner, the other owner inherits it all).
Eight common ways to take title in California are6. Tenancy in Common - title is held by any
listed below, compliments of First American Titlenumber of persons, including husband and wife,
Insurance Co.but ownership does not have to be equal. Note:
SOLE OWNERSHIPEach owner's % of ownership must be stated.
1. A Single Man / Woman - a person who has7. Tenancy in Partnership - any number of
never been married.partners.
2. An Unmarried Man / Woman - a8. Title Holding Trust - owners can be individuals,
previously-married person (now divorced orgroups of persons, partnerships, corporations, or a
widowed).living trust.
3. A Married Man/Woman, as His/Her Sole andSometimes property buyers make a hasty
Separate Property - a married person who isdecision when signing loan documents, or don't
acquiring title in his/her name only. Note: Due tomake any decision at all. Then they are surprised
community property laws in California, the spousewhen their spouse dies, their spouse's children
must consent by signing a "quitclaim" deed orinherit half of the house, and want to sell - and
"interspousal transfer".now the surviving homeowner must move out of
CO-OWNERSHIPtheir home!
4. Community Property - title held equally by