Imagine: You\u2019re about to purchase your first home, you receive a document asking you how you want to \u201chold title,\u201d and you\u2019re like, \u201cum, I don\u2019t know?\u201d<\/p>\n\n\n\n
Don\u2019t worry, you\u2019re not alone in your confusion. It may seem as simple, the house is yours, so it should be in your name or your spouse\u2019s name. But there are long term effects that you need to consider for each possible title. When you acquire an asset, it becomes a piece of your legacy, and what happens to your property upon your passing is very important. <\/p>\n\n\n\n
The best option is always to invest in a living trust,<\/strong> as it provides protection to your heirs and allows you to avoid the costly expense and lengthy time of working through probate<\/strong>. The cost of setting up a trust is around $2,500<\/strong> where the end cost of probate can be tens of thousands more.<\/strong> Probate is required any time a deceased individual owns more than $150,000 in assets and does not have a trust. <\/p>\n\n\n\n If you are unable to or decide not to draw up a trust, here are other title options to consider:<\/p>\n\n\n\n Single or Married but sole and separate property<\/strong> – Held in an individual\u2019s name, they have full rights to the asset. <\/p>\n\n\n\n