Sole ownership: The simplest way to hold title to a property is called sole ownership. Sole ownership means that one person alone holds title to the property. This is most often used by persons who are single, bdfut a married person can also choose sole ownership if his or her spouse is willing to sign a document renouncing any rights to the property.
Joint tenancy with right of survivorship: Joint tenancy with right of survivorship means two or more people hold title to the property together. If one person dies, the ownership automatically defers to the remaining owner(s).
Living trust: Property can be transferred into a living trust, which can reduce taxes on the estate in case of the owner’s death. However, there is some cost to setting up and maintaining the trust. An estate attorney can assist in establishing a trust.
Corporation, LLC, or Partnership: A corporation or partnership can hold title to a property. Each has different rights and arrangements that affect the title. Seek legal counsel in order to make an informed decision.
How title is vested has important tax and legal consequences. Please consult an attorney to determine the most advantageous form of ownership for your particular situation.