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

Related Articles
  1. Managing Wealth

    Skipping-Out on Probate Costs

    Don't let bad estate planning lead to unnecessary costs and stress for your inheritors.
  2. Investing

    Holding Titles On Real Property

    Find out how best to claim and convey ownership on your assets.
  3. Retirement

    Why Your Estate Shouldn't Be Your IRA Beneficiary

    Here are five reasons why you should not name your estate as your IRA beneficiary.
  4. Insurance

    How to Avoid Taxation on Life Insurance Proceeds

    Decrease the value of your taxable estate and prevent the tax man from getting you one last time.
  5. Retirement

    Breaking Down IRA Beneficiaries: Part 1

    It's important to give serious consideration to your IRA beneficiary designations.
  6. Retirement

    Who Should Be Your Retirement Account Beneficiary?

    The options for beneficiary of a retirement account generally fall into these five categories.
  7. Retirement

    Who is a Beneficiary?

    A beneficiary is a person or entity that receives funds, assets, property or other benefits from a trust, will, or life insurance policy.
  8. Retirement

    What You Should Know About IRA Beneficiaries: Part 2

    Here's how IRAs, and the beneficiaries you name, work with wills and trusts.
  9. Financial Advisor

    Why Your Will Should Name Designated Beneficiaries

    Find out how to make the tough decisions when it comes to choosing who will receive your assets and how they will be paid out.
Frequently Asked Questions
  1. What's the Best Way to Contact Warren Buffett?

    Learn how to contact Warren Buffett and what kinds of contact is most likely to receive a response from him or from his company, ...
  2. What is the Financial Services Sector?

    A diverse group of companies, beyond banks and credit unions, comprises the financial services sector.
  3. Who are Whole Foods' (WFM) main competitors?

    Whole Foods' main competitors are Sprouts Farmers Markets and Trader Joe's. However, the recent acquisition by Amazon my ...
  4. What caused the Stock Market Crash of 1929 that preceded the Great Depression?

    Find out what led to the stock market crash of 1929, which in turn led to the Great Depression. It sparked a nearly 90% loss ...
Trading Center