Have You Decided on Your State Planning yet?

Nobody plans to die suddenly. But, as we all know, fate has its way. If someone you know has died, different aspects of the estate plan decide what happens to their property. If you have a good estate plan, it will be much easier to determine who will have what part of your property when you are not there. Since estate planning is complicated, you better hire an Oklahoma City probate lawyer.

Property Ownership and Estate Planning:

Your estate planning will depend on the type of property ownership. You can choose three ownership options: sole right, joint license, and title by contract.

Although there are only these three options for you to choose from, each option has its variances.

Sole Ownership:

If you are the only owner of your property and your property doesn’t transfer to anyone after your death, you are the sole owner of your property. For example, your bank accounts or investment accounts are examples of exclusive ownership.

In this type of property, you will still be your property owner even after death. Only the title transfers occur with the help of a probate attorney in OKC to the person who will be responsible for the property.

Joint Ownership:

Joint ownership is of two types. If you are in shared ownership without the right to survivorship, the beneficiaries take the property ownership. However, this type of ownership applies when you and your partner do not own an equal share.

The second type of joint ownership is ownership with the right to survivorship. Suppose you are in an equal partnership of a property you and your partner own. In case of anyone’s demise, the other partner will be the rightful owner of the property with the help of an Oklahoma City probate lawyer.

Title by Contract:

You may have a property that you want to divide among your children or relatives. One can add these people as individual beneficiaries. The designated beneficiaries will become the owner after your death.

Are You Still Not Sure?

Are you still confused about the whole estate planning process? Well, understanding estate planning takes the time and knowledge of our probate attorney in OKC. We at Reneau Law Group help you understand estate planning and guide you with correct planning to know what happens to your property after you pass away. Visit our website to learn more.

**Disclaimer: The above article does not imply a relationship between attorney and client, nor does it aim to provide any legal advice.