Jeff Ritchie

Mar 12 2018

Wealth Management Spotlight: 5 Ways Assets Can Be Titled


wealth-management-spotlight-5-ways-assets-can-be-titled

Often times, how an asset is titled will determine who will receive that particular asset at death. It is important for you to review with your attorney how your accounts or assets should be titled.

Learn more about titling your assets: https://youtu.be/m2TdaYq8yBQ

Review these 5 ways that your assets or accounts can be titled.

  1. Individual Name:

    Assets that are in your individual name will become part of your estate and will pass according to your Will. Your executor will take possession of the assets that are in your individual name.

  2. Joint Tenants with Rights of Survivorship:

    Each joint owner has access to 100% of the assets during life and the assets will automatically pass to the surviving joint owner at the death of the other. This type of ownership works best for spouses.

  3. Tenants in Common:

    Each owner owns a fractional interest in the asset or account. If there are two owners they would each own an undivided 50% interest in the asset. When the first joint owner dies, their 50% interest will pass to their estate. The other 50% interest will remain owned by the surviving joint owner.

  4. Revocable Living Trust:

    Assets in your revocable living trust will remain in your trust and pass according to the terms of your trust agreement. Your successor trustee will take control of these assets after your death.

  5. Payable or Transferable on Death: 

    Assets with a Payable or Transferable on Death designation will pass automatically to the designated beneficiary at your death. Your executor or successor trustee will not take control of these assets and they will not pass according to your Will or revocable trust agreement.

It is important that you review with your attorney how your assets are titled. Changes should only be done with the approval of your attorney as it may affect your estate plan. If you have any questions or are interested in learning more about titling assets and estate planning, visit us at HillsBank.com/WealthManagement or call 1-800-899-8858.

Some trust products and IRA contributions/balances are not a deposit, not FDIC insured by any federal government agency, not guaranteed by the bank, and may go down in value.
 
Jeff Ritchie

About Jeff Ritchie

Jeffrey Ritchie, JD is Vice President with Trust and Wealth Management at Hills Bank’s North Liberty location on Forevergreen Road. He has been at Hills Bank since 2005 specializing in personal trusts and estate administration. Jeffrey’s professional expertise includes estate planning and probate, real estate, and income tax preparation. Jeffrey earned his undergraduate degree at the University of Northern Iowa and continued his education at the University of Iowa College of Law. Prior to joining the bank, he practiced law in the Amana and Marengo communities. Jeff can be reached at 1-800-899-8858.


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