You are now at the closing table and your real estate closing attorney is reviewing each of the closing documents with you and your spouse. Prior to signing them, certain items are brought to you and your spouse's attention that must be addressed as follows:

1. Decide how to hold title (assume in your State residential property may be titled in joint tenancy, tenant by the entirety, tenants in common). Describe the pros and cons of each form of ownership. In making your decision, consider that your spouse has significant credit card balances and student loans outstanding which were incurred prior to the marriage.
2. Your attorney asks you to consider placing your property in a living trust. Describe the advantages of a living trust and discuss the pros and cons of placing the property in a living trust. What did you decide?
3. Your waterfront property has river frontage, and you want to know what type of water rights come with the property ownership. You are not sure if the river is classified as navigable or non-navigable. Describe the difference between littoral and riparian water rights and the impact on these rights if the river found to be navigable.