Erica Minchella 6-14-17

Erica explained the different ways that real estate can be titled.

Tenancy by Entireties:
available to married couples living in same home. Each party holds 100% interest in property so judgments can’t affect other party because they own 100% and would be included in the judgment.

Tenancy in Common: each party owns a portion of the property which can be leined, sold, inherited.
Joint Tenancy with rights of surviorship: most commonly seen when siblings own property. Each owns 1/2 and the property automatically goes the other without probate when one dies.

Illinois Land Trusts: can be used to hide the identity of actual owner if problems with mortage company come up. Most expensive choice.

Erica has many ways to protect properties and to work with passing inherited properties.

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