A lot of focus is placed on acquiring assets and security by advancing your career and making wise financial investments. However, what is often overlooked is how these assets are titled and the effect on your financial situation.
Unforeseen complications can arise when you have properties and assets titled in ways that create conflict within a family (who gets what or how much) or supersede provisions you make in your will. Also, significant tax benefits can be gained – or lost – depending on the characterization of your property.
In order to avoid complication, it’s prudent to be familiar with the different classifications of ownership.