Estate planning is your opportunity to plan for the future and determine what happens to your assets when you pass on. This includes valuable real estate. The way property is transferred depends on whether it is solely or jointly owned. Find out how the type of ownership impacts your estate planning below.

Sole Ownership

Sole ownership refers to property that is owned by only one person. This means the title deed is only in your name. You can arrange for such property to be transferred to a specific individual through a so-called transfer-on-death designation. 

If you draft a will, the property must go through probate after your death. With this process, the courts authenticate the will and check that all taxes and debts are paid on the estate. Only then do beneficiaries receive their inheritance. Probate can take months or even years.

Joint Ownership

To avoid the hassle of probate, consider establishing joint ownership of property. For example, if you are married, both you and your spouse can be named as legal owners of your home. You can then establish an added legal detail, so-called rights of survivorship.

In this case, joint ownership with rights of survivorship, two individuals own the real estate in equal shares. When one owner dies, the surviving owner automatically inherits the deceased's share. There is no need to go through the probate process.

For help with your estate planning in Wisconsin Rapids, WI, turn to Luke A. Weiland, Attorney at Law. Attorney Weiland received his J.D. from the North Dakota School of Law, with honors, in 2004. He was admitted to the Illinois Bar in 2004 and the Wisconsin Bar in 2007. With more than ten years of experience, he has in-depth knowledge you can count on. From business law to estate planning and divorce law, he handles a variety of complex fields with confidence and competence. To schedule an appointment, call (715) 422-6808 or learn more about his services online.