Buy singapore condo

Knowing These 5 Secrets Will Make Your Buy Singapore Condo Look Amazing

For many married couples, the cornerstone of estate planning is the transfer of their biggest buy singapore condo: their home. So it's important that couples know about the many roads this method can take.

Married couples who own real property together have many choices when deciding how to fairly share the asset. Traditional approaches include joint tenancy, tenancy in accordance, tenancy by the entirety and community property. All have advantages and disadvantages.

Joint tenancy is an application of concurrent ownership where each owner has an equal curiosity about the property. It is available to unmarried couples as well, though I will give attention to married couples in this article.

Arguably, the most useful feature of a joint tenancy arrangement is the "right of survivorship." When the very first spouse dies, his or her stake in the property passes directly to the surviving spouse, without the need for probate administration. During probate, a court determines the validity of the decedent's estate documents and helps to settle any claims from the estate before the property is distributed to the heirs. Avoiding this method can save the beneficiary of an estate substantial costs and time. By foregoing probate, the surviving spouse also gains additional privacy, considering that the probate process is a matter of public record.
 

Tenancy in accordance usually does not need the best of survivorship. However, it allows other customizations, and offers greater flexibility. As in joint tenancy, tenants in accordance don't need to be married; unlike in joint tenancy, tenants in accordance may hold unequal interests in the property. Tenancy in accordance isn't dissolved when one of the tenants dies, either. If John and Jane are tenants in accordance, each with a 50 percent curiosity about their property, John can bequeath his 50 percent for their son John Jr., and Jane's interest will remain unaffected.

Tenancy by the entirety is available only to married couples, though Hawaii and Vermont offer alternatives for domestic partners and those in civil unions, respectively. For legal purposes, it's like the property is owned by way of a single entity (the couple) instead of two parties. Neither party can dissolve the tenancy with no other's consent, except in cases of divorce or annulment. Like joint tenancy, tenancy by the entirety provides a right of survivorship, allowing the surviving spouse to prevent probate. Additionally it may shield the property from creditors of 1 spouse only, though not from creditors to whom the couple is jointly in debt. Not absolutely all U.S. jurisdictions recognize tenancy by the entirety.

Community property laws exist in only nine states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin. In Alaska, couples may enter into community property arrangements, but need to do so by signing agreements or forming a trust. The validity of such arrangements is still untried on a federal level, though, and it's not yet determined if the Internal Revenue Service will honor them for federal tax purposes.