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7 Common Ways to Hold Title in Indiana

  1. Sole Ownership – One individual holds title to the property.
  2. Tenants In Common – Two or more individuals have ownership interest in a property. Each tenant in common has a distinct percentage interest and can sell it at any time.  With this type of ownership, there are no rights of survivorship.  Upon the death of a tenant in common, their interest in the property is transferred based on a will, estate plan or laws of intestacy.
  3. Tenancy By The Entirety – Ownership of property between a married couple wherein each spouse has equal rights of ownership. Any decisions regarding the property cannot be made without the other’s participation. Upon the death of a spouse, ownership automatically transfers full title to the surviving spouse.
  4. Joint Tenancy With Right Of Survivorship – Permits two or more people to hold an undivided interest in the same property. If one tenant dies, the undivided interest is automatically transferred to the surviving tenant.
  5. Living Trust – The title to property can be held in a living trust. The trustee of the trust has full power to manage the trust property.
  6. Business Entity – The title to property can be held through a business entity: a partnership, corporation or LLC. Entity documents such as Partnership Agreement, Corporate Articles and Bylaws or an LLC’s Operating Agreement may be requested.
  7. Transfer On Death Deed – This allows property to automatically be transferred to a new owner when the current individual in title dies, without the need to go through probate. It also gives the current owner retained control over the property, including the right to sale or mortgage the property, without the involvement of the transfer on death grantee.