help understanding question on escrow form

[snoopy352]

Can you help me understand the difference between these:
married person (only one person buying this property)
husband/wife (ONLY if husband and wife purchase property)
joint tenants with rights of survivorship
living family trust
both my wife's name and my name will be on the deed but technically i am the one paying. we plan to will it to our daughter. so which one do i pick?

 

[starry_solo]

either husband and wife
or joint tenants

In CA, it's typically husband and wife as joint tenants
or husband and wife as community property

 

[supersnoop]

Are you in a community property state? Are you using co-mingled funds to purchase, or personal funds. If you die, do you want ownership to go to your wife, or directly to your daughter?

 

[summabreeze85]

It doesn't matter who is paying it matters whose name goes on the dead. if you want to will it to your daughter husband/wife would be easiest.

 

[supersnoop]

It doesn't matter who is paying it matters whose name goes on the dead. if you want to will it to your daughter husband/wife would be easiest.

If you are in a community property state, but only put one name on the deed, it would normally still belong to your spouse as marital property in the event of death or divorce. If you purchase with funds that have never been commingled, then it could still be personal property of the one spouse. It's a complicated question and it all depends what you want to happen to the property in the future.

 

[LadyBeBop]

What state do you live in? Yes, community property could be an issue, and California is not the only community property state. Most states aren't community property states. However, California and Texas, two states with large populations, are.

 

[starry_solo]

Joint Tenants: Whoever survives the other gets the property. Then, that person's will (or trust) will be used to determine who gets ownership of the DVC after both husband and wife are dead. The "right of survivorship" is automatic in a joint tenancy.

Community Property: Same thing in community property states, right of survivorship

Married Person: Typically, title is taken as as a married man (or woman) as his (or her) sole and separate property. This would typically require the spouse not taking title to sign a quitclaim deed.

Husband and Wife: If the remainder of the vesting is silent, it usually is "tenants in common" even if living in a community property state. John A. Doe and Jane A. Doe, husband and wife.

Living Family Trust: This only matters if you already have one existing. You can then take title in the trust name, update your trust to reflect this asset, and then the terms of the trust govern what happens with the property after you pass away (assuming you don't deed it out of the trust)

Here's a nice explanation from a law firm in CA about joint tenancy vs. community property:
http://www.blog.chubblawfirm.com/20...y-property-for-married-couples-in-california/

 

[Dean]

Can you help me understand the difference between these:
married person (only one person buying this property)
husband/wife (ONLY if husband and wife purchase property)
joint tenants with rights of survivorship
living family trust
both my wife's name and my name will be on the deed but technically i am the one paying. we plan to will it to our daughter. so which one do i pick?

I would suggest you talk to your tax person and lawyer about his issue. As I understand it each has it's place and potential drawbacks. Issues such as blended families or if one wants their share to go somewhere other than the spouse may dictate what's best. Liability risks or the desire to have minor interest owners might also be a consideration. Tenancy in Common hold's some interesting options for adding adult children while limiting exposure of the ownership to any issues that might arise such as financial or liability. In some cases simply leaving off one of the parties might be the best approach.

 

[Dolf]

I 2nd the notion of contacting an attorney. We can define for you the different ways to take title, which the previous posters have done a really good job at, however we can't tell you how to take title - that would be giving legal advice.

 

[drusba]

I assume you are talking about buying a DVC timeshare in Florida at WDW. Here is some info:

Husband and wife: this is the most common method of purchase in Florida of residential or timeshare property if husband and wife are buying together. It is the most protective form of joint tenancy in Florida for the purchasers. It means you both own the property equally and one cannot sell his or her interest in it without the other's approval; if one of you dies, the other automatically gets it without being subject to probate; and, unlike just joint tenancy with right of survivorship, creditors of one spouse cannot get to the property and have it sold to pay off debt unless both spouses are jointly liable for the debt. Moreover, even then there are restrictions that make it difficult for any creditors to force a sale of the property to pay off debt. This is the one typically picked in Florida unless you have a particular reason for not doing so, like having a family trust that is going to own the property. If you were buying new from Disney, this is what you would get unless you specifically request otherwise. Note, description of husband and wife given above in another post, as being the same as tenants in common, is incorrect. Also, for Florida property, there is no reason to add any words to the deed like "as joint tenants" to accomplish the husband and wife categorization and that is never even done in the deeds there. All the deed needs to say is that the transfer of ownership is to you both as "husband and wife."

Joint tenants with right of survivorship: the same as husband and wife except you do not get that extra protection from creditors. This could be used even if the owners are not husband and wife.

Married person: can be used if desired purchase is for only one spouse to own and appear on the deed. Don't touch this one unless you get legal advice first because of community property rules and need to know exactly what the result is as to ownership and rights against creditors.

Living family trust: what you do if you have a trust set up to hold ownership in property. Frankly, if you do not know what this is, you obviously have no trust set up.

Also, as to recommendation to seek an attorney, that is always something any purchaser should consider, but if this is Florida and you don't have some special reason to do otherwise, the Husband and Wife designation is the one most commonly chosen and that is likely the advice you would get.

 

[DVC Mike]

\
Husband and wife: this is the most common method of purchase in Florida of residential or timeshare property if husband and wife are buying together. It is the most protective form of joint tenancy in Florida for the purchasers...

Note, description of husband and wife given above in another post, as being the same as tenants in common, is incorrect. Also, for Florida property, there is no reason to add any words to the deed like "as joint tenants" to accomplish the husband and wife categorization and that is never even done in the deeds there. All the deed needs to say is that the transfer of ownership is to you both as "husband and wife."

If a deed is issued to “Husband and Wife” in the State of Florida, I believe it means it is a "tenancy by the entirety”, where one joint tenant cannot sell their interest without the other's consent and creditors cannot force a sale of the property to pay the debts of only one of the joint tenants.

 

[Dean]

I assume you are talking about buying a DVC timeshare in Florida at WDW. Here is some info:

Husband and wife: this is the most common method of purchase in Florida of residential or timeshare property if husband and wife are buying together. It is the most protective form of joint tenancy in Florida for the purchasers. It means you both own the property equally and one cannot sell his or her interest in it without the other's approval; if one of you dies, the other automatically gets it without being subject to probate; and, unlike just joint tenancy with right of survivorship, creditors of one spouse cannot get to the property and have it sold to pay off debt unless both spouses are jointly liable for the debt. Moreover, even then there are restrictions that make it difficult for any creditors to force a sale of the property to pay off debt. This is the one typically picked in Florida unless you have a particular reason for not doing so, like having a family trust that is going to own the property. If you were buying new from Disney, this is what you would get unless you specifically request otherwise. Note, description of husband and wife given above in another post, as being the same as tenants in common, is incorrect. Also, for Florida property, there is no reason to add any words to the deed like "as joint tenants" to accomplish the husband and wife categorization and that is never even done in the deeds there. All the deed needs to say is that the transfer of ownership is to you both as "husband and wife."

Joint tenants with right of survivorship: the same as husband and wife except you do not get that extra protection from creditors. This could be used even if the owners are not husband and wife.

Married person: can be used if desired purchase is for only one spouse to own and appear on the deed. Don't touch this one unless you get legal advice first because of community property rules and need to know exactly what the result is as to ownership and rights against creditors.

Living family trust: what you do if you have a trust set up to hold ownership in property. Frankly, if you do not know what this is, you obviously have no trust set up.

Also, as to recommendation to seek an attorney, that is always something any purchaser should consider, but if this is Florida and you don't have some special reason to do otherwise, the Husband and Wife designation is the one most commonly chosen and that is likely the advice you would get.

Any thoughts on Tenancy in Common in this situation? While I would agree that often legal advice isn't needed for a timeshare purchase, I get the impression the OP is digging a little deeper and/or has a special situation they are trying to address.