Sole Ownership
This is the simplest form of ownership and gives you the greatest amount of control. This type of ownership may be held by an unmarried man or woman who owns 100% of the interest in a piece of property. This means that only one individual has the sole rights of ownership and authority to transfer that ownership. If your property has a beneficiary designation, then it may pass by way of contract. Life insurance, annuities, retirement accounts, payable on death (POD) or transfer on death (TOD) accounts are examples of property that can be owned by one individual with a beneficiary designation. Sole ownership property results in 100% of ownership included in decedent's gross estate (assuming common law state), and may or may not be included in the probate estate (depending on if it passes by way of beneficiary).

For example: Jeremy lives in Florida (non community property state) and owns XYZ stock in a brokerage account owned solely in his name with no beneficiary clause. If Jeremy dies, then 100% of the value of that account will be included in his gross estate and probate estate.

Jeremy lives in Florida (non community property state) and owns XYZ stock inside of an IRA account with a beneficiary clause. If Jeremy dies, then 100% of the value of the account will be included in his gross estate but because of the beneficiary designation, it does not pass through the probate process.



Tenancy

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