TEST

How to Hold Title to Real Property

TEST
 Who can sell or give away the property:What happens to your share if you die:Probate
 Co-owners aren’t married (siblings, business partners, unmarried couples)  
“Joint Tenants”Any of the owners can sell, give, or mortgage their share without the other parties’ permission. The new owners is automatically a tenant-in-common.Other owner(s) get your share automatically.No
“Tenants in common”Any owner can give, sell, or mortgage their share without permission.You can leave your share to someone else. It doesn’t automatically go to the co-owner.Probably
 Married People who Own Property Together  
“As community property with right of survivorship”Both spouses must sign off on a gift, sale or refinanceYour spouse gets your share automatically.No.
“As community property”Both spouses must sign off on a gift, sale or refinanceYou can choose heirs, which may include your spouse.Probably.
 Married People, but Property Belongs Only To One Person  
“As a married person as his/her separate property”You control the property. (Please note there may be community property transmutation issues related to payments or improvements on the property)Your heirs inherit the property.Probably
 You’re Putting Property into a Living Trust  
To the trustee, “as trustee of the ____ Trust, dated _______”The trustee.Upon death of trustee: Substitute of a new trustee. Death of Trustor: the trustee distributes property per terms of trust.No