• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Sexton, Bailey Attorneys, PA

SEXTON BAILEY ATTORNEYS, PA an Arkansas Estate Planning & Trust Information Center

Sexton, Bailey Attorneys, PANorthwest Arkansas Estate Planning Attorneys(479) 443-0062

Client Vault
  • Home
  • Our Firm
    • Our Firm
    • About the American Academy
    • Advantages of Working With Our Firm
    • Attorney and Staff Profiles
    • News & Events
    • Our Reviews
    • Speaker Connection
  • Estate Planning
    • Asset Protection & Business Planning
    • Elder Law & Medicaid Services
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Incapacity Planning
    • Legacy Planning
    • Pet Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
  • Webinars
  • Practice Areas
  • Resources
    • DocuBank
    • Elder Law Reports
    • Estate Planning Resources
      • Estate Planning Articles
      • Estate Planning Checkup
      • Estate Planning Definitions
      • Estate Planning Reports
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • FREQUENTLY ASKED QUESTIONS
      • Estate Planning
      • Frequently Asked Questions for Families Without an Estate Plan
      • Legacy Wealth Planning
      • Medicaid Planning
      • Pet Planning
      • Trust Administration & Probate
    • Newsletters
    • Trust Administration & Probate Resources
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss of a Loved One
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
  • Reviews
    • Our Reviews
    • Review Us
  • Contact Us
  • Blog
Home / General / Four Ways Your Property Transfers After You Die

Four Ways Your Property Transfers After You Die

November 30, 2016 by Audra Bailey Wilcox Leave a Comment

This is an article from the Law Offices of Cheryl David (http://www.cheryldavid.com/) in Greensboro, North Carolina, that we thought others may find helpful.

When most people think about Four Ways Your Property Transfers After You Dieestate planning, what they think about is transferring property after you die. While there is a lot more to estate planning than simple property transfer issues, much of an estate plan will focus on how your property transfers to new owners after your death. Understanding the different ways that property can transfer after you die is essential before you make any decisions about your estate plan. Today we are going to talk about the four basic ways that your property transfers after you die.

Property Transfers After You Die: Jointly Owned Property With a Right of Survivorship

If you own property as a joint owner with the right of survivorship, both you and the other joint owner have an equal right to own the property even after one of you dies. For example, let’s say that you and your spouse own a vacation home as joint owners with the right of survivorship. Should your spouse die, you will become the automatic sole owner of that property.

Property Transfers After You Die: Transfer-on-Death Assets

Similar to jointly owned property with the right of survivorship, property owned as a transfer on death asset will also automatically transfer to a new owner as soon as the original owner dies. For example, let’s say you own a bank account that allows you to name a transfer on death beneficiary. Once you die, the beneficiary you select will automatically inherit the bank account and it’s funds. As with jointly owned property with the right of survivorship, there is no need for court involvement to finalize this kind of property transfer.

Property Transfers After You Die: Property Owned Through a Revocable Living Trust

A revocable living trust allows people to transfer property outside of the probate process. When you transfer property to a revocable living trust, you can choose who you want to inherit the property after you die. Once you die, the trust will remain the owner of the property you transferred into it, and will distribute the property in accordance with your wishes.

Property Transfers After You Die: Testamentary Transfers and Intestacy

When you create a last will and testament you create a document in which you state your inheritance choices. Once you die, someone will submit your will to a probate court, and the court will decide whether that document meets the necessary legal requirements. If it does, your property will be distributed in accordance with the terms you included in your will. On the other hand, should you die without a will, or without a valid will, the pre-existing intestacy laws of the state in which you live determine who will inherit your property.

  • Author
  • Recent Posts
Audra Bailey Wilcox
Audra Bailey Wilcox
Attorney at Sexton, Bailey Attorneys, PA
Audra Bailey Wilcox
Latest posts by Audra Bailey Wilcox (see all)
  • Bill Nye the Science Guy on Wearing Masks in Public - July 11, 2020
  • Low-Interest Loans: An Estate Planning Technique - June 23, 2020
  • Irrevocable Medicaid Trusts - June 16, 2020

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Sexton, Bailey Attorneys, PA

Is Your Plan Outdated?

Subscribe to Our Blog

Office Address

Fayetteville
2766 Millenium Drive
Fayetteville, AR 72703
Phone: (479) 443-0062

Office Address

Prairie Grove
1100 Division Street, Suite 4
Prairie Grove, AR 72753
Phone: (479) 846-6026

Office Address

Farmington
6 West Main
Farmington, AR 72730
Phone: (479) 267-4441

Office Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 12:00 PM

Map

map for office
  • Facebook
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

footer-logo

© 2021 American Academy of Estate Planning Attorneys, Inc.