Legal Ownership Vs. Beneficial Ownership
What’s the Difference, and Why Is it Important?
In a previous article, I talked about joint ownership in non-spouse situations, the two most common types of joint ownership, and why it’s crucial for investors to know and understand the differences. In this article, I’m going to address the difference between legal ownership and beneficial ownership because not understanding those two terms can lead to potential landmine issues when it comes to estate planning for joint owners of a property. In this article, we will focus more on ownership in non-spouse situations and ownership as tenants-in-common.