Title to Assets and Property Agreements

Estate Planning Attorney in Thousand Oaks and Westlake Village, CA

Title to an Asset

How you hold title to an asset is a simple act generally taken with no, or little, thought of the ramifications. But the ramifications can be huge! The reality is how you hold title to an asset is extremely important as it has a multitude of significant legal and tax consequences, many of which are generally not known to the public at large.

WARNING! It is critical to NOT change title to an asset without first having the proposed change reviewed by a competent estate planning attorney.

Property Agreements:

Owners of property can reduce to writing their particular agreement regarding an asset or assets. Some of the more common property agreements are:

Separate Property Agreement

This agreement will generally recite that certain assets constitute the separate property of an individual.

Community Property Agreement

This agreement is signed by a married couple and recites assets that are to constitute their community property. This agreement may change the character of joint tenancy assets to community property if desired.

Co-Tenancy Agreement

The owners of an asset titled as “Tenants-in-Common” may want to agree in writing to the rights and responsibilities of the co-owners to one another.

Real Property Agreement

Co-owners of real property (whether owned as community property, joint tenancy, or tenants-in-common) may want to reduce to writing all of their understanding as to who will manage the property, how it will be managed, the rights of the parties during the time they own the property, and what happens if one of them no longer wants to own the property or dies.

Prenuptial and Postnuptial Agreements

These are agreements between people before they marry or after they marry which recite what assets and liabilities they have and what their rights will be as to the assets and liabilities they presently have and might acquire or incur in the future.

Our firm provides trusted estate planning services for Thousand Oaks, Westlake Village, Moorpark, Simi Valley, Agoura, Malibu and Calabasas as well as the rest of Ventura County and Los Angeles County. Please contact us today at 805-409-0108 if you need assistance with preparing a property agreement or to schedule an initial consultation.

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