You know something I see fairly regularly in my practice is confusion about how people think they own assets versus how the assets are actually owned, i.e., whose name is on the title--whether that be manifested as a property deed, stock certificate, bank statement, etc. This confusion usually occurs when someone owns property (or thinks they own property) with someone else.
For example, husband and wife purchase a home together, and they think that they both own it. But if you look at the deed for the home, it only has husband's name on it. Or three business partners purchase a vehicle for company business, but instead of the company's name on the title, it has the partner's name on it who will be driving the vehicle.
What difference does it make? In normal day-to-day activities, it probably makes little noticeable difference. However, when certain events occur (such as death, disability, divorce, lawsuit, dissolution of business, sale or gifting of an asset) whose name was on the title can make a big difference in terms of time and money.