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Holding Title

Separate Property

Property owned by either a husband or wife which is not owned by the other; generally property acquired by either, prior to marriage or by gift, will, inheritance, or money damages for personal injury, and all of the rents, issues, and profits thereof.

Community Property

Both real and personal property earned or accumulated during marriage through the efforts of either husband or wife living together in a community property state. Deceased spouse's will owns outright one-half of the community property.

Joint Tenancy

Joint ownership of equal shares by two or more persons with right of survivorship. A person's last will has no effect upon such joint tenancy assets.

Tenancy In Common

Ownership by two or more person's who hold undivided interests without right of survivorship. Interests need not be equal and will pass under the terms of the owner's will

Severalty

Ownership held by one person only. This can be a "natural" person or a "legal" person, such as a corporation.

Tenancy-In-Partnership

Method by which property is owned by a partnership. Specific interest in the property cannot be conveyed by one partner alone.

Custodian For A Minor

Under the Uniform Gifts to Minors Act or Uniform Transfers of Minors Act, an adult person can hold title to property for the benefit of a minor uo to the age of 25 years.

Trustee

The trustee of a Living or Testamentary Trust holds legal title to property for beneficiaries, who have "equitable" title.

Life Estate

A use of ownership in real property which terminates upon the death of the life tenant.

Note: Advice as to how to hold title to specific assets is the practice of law. These laws vary from state to state.