Real Estate Ownership

Ownership of property and how it is titled is very important in protecting your assets from creditors, lawsuits, income and estate taxes. When two or more individuals or entities purchase property there are several choices available. Here are some of the most common ways to title property that can protect your family assets:

JOINT TENANCY -- Title is vested in a unit made up of two or more people. On the death of one joint tenant, the remaining joint tenant receives the interest of the deceased tenant by "right of survivorship."

TENANCY IN COMMON -- This type of ownership results in an undivided interest. Each owner can sell, convey, mortgage, or transfer his or her undivided interest without the consent of the other co-owners. Upon the death of a tenant in common, his or her undivided interest passes to his or her hers or devisee according to this or his or her will.

TENANCY BY THE ENTIRETY -- This is a special joint tenancy between husband and wife on homestead property only. Similar to joint tenancy, each party has the right of survivorship. The main difference for this joint tenancy is that during the marriage, title can be conveyed only by a deed signed by both partners. Tenancy by the entirety provides extra protection against creditors. For example, should the husband incur a debt for which only he is liable, the creditor cannot take homestead property because the wife is a tenant by the entirety.

	Attorneys at Law 1320 Broadway, Highland, Illinois 62249 Telephone: (618) 654-7454
	REAL ESTATE OWNERSHIP Ownership of property and how it is titled is very important in protecting your assets from creditors, lawsuits, income and estate taxes. When two or more individuals or entities purchase property there are several choices available. Here are some of the most common ways to title property that can protect your family assets: JOINT TENANCY -- Title is vested in a unit made up of two or more people. On the death of one joint tenant, the remaining joint tenant receives the interest of the deceased tenant by "right of survivorship." TENANCY IN COMMON -- This type of ownership results in an undivided interest. Each owner can sell, convey, mortgage, or transfer his or her undivided interest without the consent of the other co-owners. Upon the death of a tenant in common, his or her undivided interest passes to his or her hers or devisee according to this or his or her will. TENANCY BY THE ENTIRETY -- This is a special joint tenancy between husband and wife on homestead property only. Similar to joint tenancy, each party has the right of survivorship. The main difference for this joint tenancy is that during the marriage, title can be conveyed only by a deed signed by both partners. Tenancy by the entirety provides extra protection against creditors. For example, should the husband incur a debt for which only he is liable, the creditor cannot take homestead property because the wife is a tenant by the entirety.
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