When two or more people share ownership of a real estate property, it’s known as joint property ownership. This arrangement is perfect for business partners, spouses, or family members. However, big life changes, such as marriage, divorce, evolving business partnerships, or planning for the future, can lead to the need for re-titling certain properties.
At Wallach & Associates, P.C., we specialize in real estate and business law attorney services in Missouri. Our goal is to simplify the process of property re-titling, and give you a place to turn to when you have questions about this process. If you need your property re-titled, or you’re currently going through one of the life events mentioned above, reach out to one of our convenient locations in St. Louis, Chesterfield, or Maryland Heights, MO.
Options for Re-titling Your Property
You may need to consider re-titling your property for a variety of reasons. Maybe you’ve recently married, and you want to add your spouse’s name to your property title. Or you may be planning your estate and want to ensure your property passes smoothly to your beneficiaries. There are several methods used to re-title property, and each has its own impact on ownership rights, survivorship, and taxes:
- Tenancy by the Entirety: This option is available only to married couples. It offers protection from creditors and ensures that upon the death of one spouse, the surviving spouse automatically becomes the sole owner. It’s a popular choice for its simplicity and the security it provides.
- Joint Tenancy with Right of Survivorship: Similar to tenancy by the entirety, joint tenancy allows property to be passed to the surviving owners without going through probate. It’s not limited to only married couples, and it can apply to business partners or friends who co-own property together. However, it’s important to understand that each joint tenant has equal rights to the entire property, which might not always align with your intentions. If you choose this option, be sure to speak with our real estate lawyer or business law attorney to make sure it fits all of your needs.
- Transferring to a Living Trust: Placing property in a living trust offers flexibility and control over the distribution of assets after the owner’s death. It avoids probate and saves both you and your beneficiaries time and money. Additionally, it can be done privately, and allows for detailed instructions on managing the property if there comes a day when you no longer can.
How Wallach & Associates, P.C. Can Help
Navigating joint property ownership and re-titling requires a thorough understanding of the law. As a business lawyer and real estate attorney with expertise in Missouri law, Wallach & Associates, P.C. can provide the guidance you need. Whether you’re considering tenancy by the entirety, joint tenancy, or transferring property to a trust, our team ensures the process is smooth and aligns with your goals.
If you’re exploring re-titling options or have any questions about your property ownership structure, call our friendly and knowledgeable staff at (314) 308-2900. We have offices in St. Louis, Chesterfield, and Maryland Heights, so we can provide all of Missouri with the answers they need.
