Asset titling in the United States

 determines one's property rights during one's lifetime. How an asset is titled also determines how that asset is transferred at death. Assets can be inherited according to Will, by beneficiary designation, or based on an agreement or state law.

Definitions

 * Sole ownership: Sole ownership is the most common form of property ownership. Under this title, a person or an entity solely owns all the rights and interests to an asset. If titled in one's name alone with no beneficiary, the asset passes through the probate estate upon  death. If an individual has a will, the terms of the will determine how asset will be distributed. Without a will, state intestacy law determines how assets are distributed. Intestacy laws vary from state to state and typically distribute assets to a spouse, children, parents, grandchildren, siblings, or other relatives in varying orders of preference.
 * Joint tenancy with right of survivorship: A way for two or more people to share ownership of real estate or other property. In almost all states, the co-owners (called joint tenants) must own equal shares of the property. When one joint tenant dies, the other owners automatically own the deceased owner's share. For example, if spouses own a house as joint tenants and one dies, the survivor automatically becomes full owner. Because of this right of survivorship, the property goes directly to the surviving joint tenants without the delay and costs of probate.
 * Tenancy by the entirety: A special kind of ownership that's similar to joint tenancy but is only for married couples and, in a few states, same-sex couples who have registered with the state. It is available in about half the states. Both spouses have the right to enjoy the entire property. Neither one can unilaterally end the tenancy, and creditors of one spouse cannot force a sale of the property to collect on a debt. When one dies, the survivor automatically gets title to the entire property without a probate court proceeding. Also called "tenancy by the entireties."
 * Tenancy in common: A way two or more people can own property together, in unequal shares. Each has an undivided interest in the property, an equal right to use the property, and the right to leave his or her interest upon death to chosen beneficiaries instead of to the other owners (as is required with joint tenancy). In some states, two people are presumed to own property as tenants in common unless they've agreed otherwise in writing.
 * Community property: A method of defining the ownership of property acquired during marriage, in which all earnings during marriage and all property acquired with those earnings are owned in common and all debts incurred during marriage are the responsibility of both spouses. Typically, community property consists of all property and profits acquired during marriage, except property received by inheritance, gift, or as the profits from property owned before marriage. Community property laws exist in Arizona, California, Idaho, Nevada, New Mexico, Texas, Washington, and Wisconsin. In Alaska, couples can create community property by written agreement.
 * Revocable trust: A trust set up during life that can be revoked at any time before death. Revocable living trusts are a common way to avoid the cost and hassle of probate, because the property held in the trust during life passes directly to the trust beneficiaries after the trust maker's death, without probate court proceedings. The successor trustee - the person appointed to handle the trust after the trust maker's death --simply transfers ownership to the beneficiaries named in the trust. Certain revocable living trusts can also reduce federal estate tax. Also called "inter vivos trust.