For instance, we prove ownership to our house by the deed which carries our name. We show ownership of our automobile and watercraft by the title we receive from the state department of motor vehicles that has our name on it. How we hold title to our assets is extremely important for estate planning purposes.
Title determines how assets pass to new owners when the original owner dies.
In the estate planning process, virtually everything begins with how assets are owned. Since proper planning often involves a number of legal concepts, the planning team will have to know exact title to assets. There are three basic forms of ownership in which we can hold title to our assets. As to assets just in your name alone, you are free to do whatever you wish with those assets because you own them completely. You can sell them, give them away, or leave them to whomever you want upon your death.