VESTING

What is Vesting – When you buy a real estate, you’ll choose the manner in which your title is held, also known as “title vesting,” sometimes referred to as, how you hold title, which refers to your legal rights to the home you own. Title vesting affects your legal right to sell or refinance your home and what happens to the property after you die.  The choice may be made for you, but not the best choice at that. You must be Pro-Active, for your spouse, and any heirs as well as yourself. 

TBE – Tenancy by Entirety, is similar to Joint Tenancy with Right of Survivorship, but while both types of ownership result from co-owners of a property, Tenancy by Entirety is a legal arrangement that only married couples can enter into. Each has equal share, survivor wins. 

JTWROS – Joint Tenants With Rights Of Survivorship. Equal rights, survivor wins. 

TIC – Tenants in common, ticks are bad. Share not necessarily equal, can be willed. Very well may inhibit survivors right to enjoy property as they may be entitled to a portion forcing probate and a sale or buyout.

TIS – Tenancy in Severalty, exclusive right to ownership not shared. People or a corporation as the owner. Think Sole Ownership.

TRUST –  So much to say, basically, trust must be established in resident state, however unlike a will, crosses state lines for ownership settlement of estate. Can carry on after death, think Rockefeller Trust – built & sustained generational wealth. 

SOLE OWNER – pretty self explanatory.

SHAREHOLDER – is artificial entity. Like certificates of shares in a property owned wholly by others. 

COMMUNITY PROPERTY – is not recognized in Florida or Wyoming. What is your states? Text us your answer!

Do not confuse vesting with legal interest (fee simple, life estate, future interest and contingent interest).

Florida & Wyoming’s default is TIC. What is your states? Text us your answer! So if your Agent doesn’t talk to you about vesting, ask, be Pro-Active! In the end, the Agent should give you food for thought and a few legal professionals to get your estate held properly.  Which means – if own or plan to own, have children or step-children,(minors or age of consent), own property in multiple states, and you have not consulted an attorney regarding estate planning, you should choose wisely!