Are you buying a house or car? Opening a bank, investment or retirement account?

Have you recently gotten married or divorced, had kids, or registered as a domestic partner?

The joy and pain of these key life events mask an unpleasant and often overlooked question: What happens to my valuables if I suddenly die? This is especially of concern for domestic partners.

But there's a couple of housekeeping items you can do ensure your assets go where you want them to.

I'm talking about titling property. An appropriate title on your home, auto or investment account can avoid confusion, mistakes, publicity and delays after you're gone.

And, just as importantly, you need to name or update your beneficiaries on retirement accounts, insurance settlements or annuity proceeds.

Be conscious of these steps anytime you make a major purchase or bring new relations into your life. You don't need an attorney to do it.

"We suggest people review everything at least every other year," said Beth A. Allen, a Portland attorney. She represents many gay and lesbian couples, but it's good advice for anyone. "We're a very mobile society. Moving to a different state might impact things. Adding children might change things. A divorce changes things."

First, let's talk beneficiaries.

What many people don't realize is that beneficiary designations on retirement accounts and insurance contracts trump anything you might state in your will. Yet it's easy to forget to update the choices you made when you first started your job, especially if years or decades have passed.

And "if you have no beneficiary listed, that becomes a court nightmare," said Marilyn Bergen, a certified financial planner at

.

Now, for the exciting world of titling.

I'm focusing on Oregon, here. Surrounding states, including Washington, view property differently. These "community-property states" assume any asset acquired while married -- excluding inheritances and gifts -- is jointly and equally held. That creates issues that warrant another column another time.

In Oregon, there are four typical ways you can own land, homes, cars and accounts with money inside them, according to

.

Sole proprietorship:

It's also called "fee simple" for reasons I simply do not know. If you own something solely, and you die, it will be shelled out to others in public probate court, either by the terms of your will or by state law.

Tenancy in common:

This is one way of owning property with one or more people. They don't need to be relatives. But to transfer your share after death, the property must pass through probate, and you'll need to spell out your intentions for it in a will. Otherwise, a judge will follow state law and, possibly, warring heirs' demands.

Survivorship interest:

This is one way to ensure that property automatically transfers to a single co-owner outside probate. Dual owners who aren't married can use what's generally called "joint tenancy with right of survivorship" to accomplish this. Spouses have another option of titling property, "tenancy by entirety."

This survivorship interest supersedes anything in a will. If you will your house to your daughter, for example, but own it titled with survivorship interest to your second wife, your second wife's gonna get it.

"Joint tenancy is a good idea for spouses not facing federal estate and Oregon inheritance tax," said

, an estate and trust attorney in Portland.

But even this seeming no-brainer has some caveats.

If you put your son on a bank account as joint tenancy with right of survivorship, your son can take money out without asking.

What's more, if your son defaults on big credit card bills, the card companies can dip into your account to pay the debt.

If you purchase a house with survivorship interests, and you name someone other than a spouse, you might be liable for gift tax and a gift return.

In other words, survivorship isn't for everyone. Wealthier or remarried couples best speak with an attorney about how to fulfill their wishes.

Living trust:

This is another way to avoid probate. But people sometimes forget to retitle their properties to reflect ownership by the trust, according to

, a certified financial planner in Vancouver. That can leave homes, autos and accounts outside the trust and, depending on the title, in the wrong hands.

If you created a living trust with an attorney, she likely made sure you retitled property. If not, find another attorney.

Now, here are some situations in which you want to think about titling.

Buying a car:

When you register your new vehicle and transfer the title, Line No. 12 on

will ask you about "Survivorship." You'll want to check the Yes box to make sure your co-owner can legally access your auto simply by flashing your death certificate, obit or funeral notice at DMV, said Lori Bowman, the department's vehicle programs manager.

Otherwise, DMV would need to see a release of the deceased's interest from probate court, an inheritance affidavit or a small estate affidavit, she said.

If you realize your title is mistaken or that you forgot to check the "Yes" box, DMV will correct the title at no cost. Simply reapply or file a "Request for Correction" form

(

) with both signatures.

Opening a bank or investment account:

Joint accounts give co-owners access to money without permission. That could be important immediately following your death. But it can also allow an untrustworthy co-owner to drain the account, said Ted B. Austin, senior vice president at U.S. Bank's trust department in Portland. And if your co-owner owes money or taxes, creditors and the government can settle debts with the account.

A better option might be to ask for a "pay on death" (POD) bank account with named beneficiaries. It makes money available just when it says, and no sooner. Investment accounts can be registered "transfer on death" (TOD), again preventing your beneficiary from touching it until you die. Such titles, by the way, trump any directives in a will.

But you'll probably need to specifically ask a banker about them. "I don't think anybody's going to sit at the other side of the counter and say, 'Do you want that payable on death?" Austin said.

Buying a house:

For couples, state law automatically titles property as tenancy in the entirety, attorneys say. That might be fine. But married couples who don't want property to go to the other upon death might want to hold it tenancy in common.

Entering a domestic partnership:

Allen, who represents gay and lesbian couples in her Portland law practice, suggests domestic partners who aren't registered with the state be careful to title homes with right of survivorship. Registered couples also can use "by the entireties."

Many title companies don't do this for domestic partners, she said. And joint tenancy is a safe way, she believes, to immediately pass property outside probate. That's important, too, if a family member challenges a will in probate.

Unregistered gay and lesbian couples definitely need to take this step, she said, to ensure valuables go to a surviving partner without challenge.

Brent Hunsberger does not give individual financial advice but welcomes questions and comments about his column and blog. Reach him at 503-221-8359

.