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Posted by / 01-Jun-2020 20:22

Liqidating

While in general estate planning can be a complicated process with a multitude of factors to be considered and decisions to be made, time and time again I find that it all simply boils down to one common denominator - how property is titled.Understanding who owns what is the one real key to creating a good estate plan, because without the property being titled as expected, even the most sophisticated and well thought-out estate plan will fail miserably.Without this one important piece of information, your estate planning attorney cannot help you create an estate plan that will work the way you expect it to work.Without taking into consideration who owns what, you will be left with an estate plan that will confuse your loved ones and possibly land them in court.The reasons property may be liquidated or sold off are extremely varied.

Here is a brief overview of each type of property ownership: Sole Ownership - Sole ownership of property simply means that it is owned by one person in his or her individual name and without any transfer on death designation.In the law, property liquidation almost always refers to the process of selling off a bankrupt debtor's property to satisfy the debtor's creditors.At its most basic, property liquidation is a sale of that property.This will depend on whether the owner has, or does not have, a last will and testament.If the owner has a will, then who will inherit the owner's probate assets will be determined by the will.

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Nonprobate assets include property owned jointly with rights of survivorship (including tenancy by the entirety property and certain community property) and any type of asset that has a beneficiary named to inherit the asset after the owner dies.

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