Why are the differing types of property ownership important?

The manner in which assets are titled is important for estate planning purposes because the way in which property is titled determines who will ultimately receive the deceased owner’s property upon the owner’s death. It also can affect the total of the property owner’s tax liability upon death, the amount of administration expenses and attorney fees that the deceased property owner will pay, and how much of the individual’s estate will be subject to probate. 

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