We all know that it is important to draft and execute basic legal documents, since doing so makes it possible for us to protect and benefit those we love. In fact, if we procrastinate our responsibility to complete this task, the state in which we live already has a plan for how to distribute our legacy. But the state’s plan might not resemble our own wishes and preferences.
While recognizing the importance of your legal documents, however, remember that your property ownership and/or account registrations are even more powerful—since they supersede what is memorialized there. A good place to start is to become familiar with the three types of registrations that may assist your planning.
Joining us is Certified Elder Law Attorney (CELA) Kristen Matthews, Partner with MacElree Harvey, Ltd., to describe all three:
- Tenants by the Entirety (TBE — reserved exclusively for spouses)
- Joint Tenants with Rights of Survivorship (JTWROS)
- Tenants in Common (TC)
For personalized assistance with understanding the impact of ownership registrations in your current situation, contact us now for a complimentary consultation.