Estate plans are typically created to determine how your assets will be divided after your death. Before you can develop a plan to divide your assets among your beneficiaries, you must have a clear picture of what you own and what your assets are worth.

You never have to tackle this process alone. A seasoned estates and trusts attorney could help you develop a plan that meets your needs while putting an accurate value on the assets you own. Let a talented attorney at Nesevich Law, LLC advise you on assets and ownership in Mount Laurel.

How to Determine the Value of Someone’s Assets

Understanding the value of assets in the early stages of the estate planning process is crucial. Knowing what each asset is worth is essential for anyone deciding how to split their estate among their beneficiaries.

There are many ways to establish the value of an asset. The most common is to rely on an expert to appraise the item. Determining the value of cars or smaller parcels of real property is straightforward; however, valuation becomes more complex regarding rare or expensive assets like art or jewelry. In these cases, another possible method is for all interested parties—including the beneficiaries—to agree on a value. A lawyer experienced with Mount Laurel assets and ownership could help someone with this process.

What is Joint and Sole Ownership?

One of the most important aspects of estate planning is determining what the estate creator owns. Having a clear picture of the ownership status of the person’s assets is vital, as it can impact the effectiveness of their estate plan. In some cases, complicated ownership rights could frustrate the intention of the estate plan.

Sole Ownership

Sole ownership is the most accessible form of ownership to deal with during the estate planning process. Sole ownership means one person has full ownership of the assets.

Dividing solely owned property makes the estate planning process straightforward. The person creating the trust can simply decide which beneficiary will inherit each asset they own. This decision is left entirely up to the person creating the trust.

Joint Ownership

Joint ownership applies to assets with two or more owners. This concept can complicate the estate planning process. For example, when more than one person owns a property, it has a “right of survivorship,” meaning the parties share ownership evenly until one dies, at which point, the survivor takes full ownership.

This arrangement can complicate the estate planning process due to the estate creator not having sole rights to that asset. Sometimes, an estate plan could include something no longer part of the estate due to the right of survivorship. In these cases, rely on the guidance of a skilled attorney in Mount Laurel to split ownership of assets.

Talk to a Capable Attorney in Mount Laurel About Potential Issues With Assets and Ownership

When you have questions about assets and ownership in Mount Laurel, an attorney at Nesevich Law, LLC could provide you with answers. You deserve a clear picture of the value of an estate to make crucial decisions.

Call right away to learn how a hardworking legal team member at our firm could help you. We bring years of experience and are dedicated to fighting for you to get your fair share of assets.