Insider Darwin Abrahamson |
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Exercise Your Rights to Control Your Assets
When was the last time you exercised your rights to control your assets? The bulk of most Americans' assets is a home, life insurance, retirement benefits, and various types of savings accounts and investments. In the majority of cases, someone other than yourself will make the decision about where the property is going to pass at your death. Robert A. Esperti and Renno L. Peterson, both estate attorneys, explain in their book, Loving Trust: The Right Way to Provide for Yourself and Guarantee the Future of Your Loved Ones, "The life insurance agent who sold you your insurance policies, the real estate agent who sold you your house, the bank officers and clerks who set up your accounts and made loans to you, the clerk in the personnel office where you work who filled in the information with respect to your retirement plans and the stockbroker who sold you your investments have already provided for the future of your loved ones." JOINT TENANTS
When the day arrives that you and your significant other are fortunate enough to be able to purchase a home, the day will be remembered as one of the most exciting days in both your lives. In the excitement you may discover, after signing all of the reams of paperwork, that your new home was put into both your names. Why? Like most real estate closings, the real estate agent will simply give the company's secretary whatever names were placed on the purchase offer to be typed on the deed of your new home. Now your home has become joint property with both of you becoming "joint tenants." Contrary to popular belief, each partner does not own one-half of the joint property. Esperti and Peterson clarify this issue, "The proper title for joint tenancy is Joint Tenancy, With Right of Survivorship." Joint tenancy or JTWROS merely means that the "surviving partner" ultimately owns all of the property. The minute you both placed your names on the deed both of you lost the ability to control the property.
The Best Intentions
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