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Hosted by Jeffrey Bellomo, Esq., CELA, LLM, and over 20 years of experience practicing in estate planning.  We’ll discuss all things Estate Planning and Law.  Our mission is to help educate so that what happened to the Bellomo family doesn’t happen to you. We hope to answer your most burning questions and support you with a solution to estate planning that works for you and your loved ones.

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  2. Understanding Property Ownership Types and Deeds

Understanding Property Ownership Types and Deeds

Feb 2, 2023

Jeff addresses listeners’ questions about property ownership and deeds. He explains different types of ownership arrangements, some of which are implied on the deed while others must be specifically listed. With this understanding, it becomes clear that your deed should explicitly name the type of ownership arrangement that best suits your needs.  

Jeffrey R. Bellomo, founder of Bellomo & Associates, is a licensed and certified elder law attorney with a master’s degree in taxation and a certificate in estate planning. He explains complex legal and financial topics in easy-to-understand language.

 

Key Takeaways 

01:35 – Rights of ownership for married couples

  • “Tendency by entirety” (TBE) is an ownership arrangement for married couples
  • TBE should be called out in the deed, but it is implied if the couple is married when the property is received
  • TBE means that if one spouse dies, then ownership is passed to the surviving spouse


02:49 – Ownership arrangements for non-married persons

  • investors) are “tenants in common,” meaning that if one of the owners should die, then that person’s ownership can be passed to someone else via estate planning or a will (e.g., the decedent’s spouse or child)
  • A “rights of survivorship” arrangement between non-married owners means that if one of the owners should die, then that person’s stake is passed to the surviving owner
  • The deed should state the type of arrangement to ensure that ownership is passed as desired
  • A non-married couple that enters into a joint property ownership agreement should be aware of the different types of arrangements and explicitly name their preference on the deed 

 

08:04 – Missing or lost deeds

  • After filing a deed, the original deed will be sent via mail
  • Replacement copies can be obtained from the Recorder of Deeds for a small fee
  • We recommend that you review your deed and make sure that it calls out the type of arrangement that best suits your needs 

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