Title is the manner in which real and personal property are owned. Title may be proven by certificate, deed, bill of sale, contract, or other document. Titles can affect how property is transferred, who will get it, and the eventual costs of estate settlement and taxes. Results depend on the way the property is owned. Each ownership method has advantages and disadvantages and must be weighed in light of specific estate management goals.
Real property is land and whatever is erected, growing on, or affixed to the land.
Personal property is an asset whose ownership arises out of physical possession of the property or as the result of a document showing ownership. Forms of Property Ownership Sole ownership of property is characterized by a single owner. Except for some legal restraints against maintaining a public nuisance, infringing on the rights of others, zoning restrictions, and interests of a surviving spouse, a sole owner may generally do as he pleases with his property during his lifetime and may designate its disposition after his death. Any solely owned real and personal property held at death will be included in the gross estate for the determination of federal and Mississippi estate taxes. Usually solely owned property goes through probate to clear the title for heirs and devisees.