The Pros and Cons of Joint Tenancy
January 31, 2017
The Advantages of Home Ownership as a Married Couple
March 6, 2017

How To Own Property With Your Partner

Community Property with Right of Survivorship

Community property refers to all property owned by a married couple (husband and wife or domestic partners) during their marriage.  In the event of a death, the Community Property with Right of Survivorship vesting will automatically transfer the property to the surviving spouse without probate. Note: Since there is right of survivorship, the property cannot be willed to anyone else. Upon death the property will automatically belong to the surviving spouse.

Example:  Julie and John  are married and recently purchased a new home. The home is owned as community property with right of survivorship. John passes away due to a car accident. Julie will now receive John’s 50% interest of the property automatically without having to deal with costly probate. 

BEWAREWhat happens if both Julie and John die in that car accident or Julie passes away within a few weeks after John died?  Since the property is not vested in their trust, it will go through probate.

SOLUTION:  If you currently hold title as community property with right of survivorship  you can transfer your interest into your TRUST to AVOID PROBATE! Call us today to find out how to protect your property from probate!

In this six part series, I provide an overview of the most common vestings (how you hold title) and whether or not your property will avoid probate.  In Part 3 I explain community property with right of survivorship. Do you know if your home is protected from probate?  There are many ways to hold title to your home, farm land, investment property and any other type of real property, but will it go to probate when you pass away? Read More on other ways to hold title…

Continue to Part 1 – SOLE OWNERSHIP
Continue to Part 2 – JOINT TENANCY
Continue to Part 3 – COMMUNITY PROPERTY WITH RIGHT OF SURVIVORSHIP
Continue to Part 4 – COMMUNITY PROPERTY
Continue to Part 5 – TENANTS IN COMMON
Continue to Part 6 – LIVING TRUST

Leave a comment below with any questions, concerns or experiences. We are hear to help. Your concerns and comments will help and answer others. Please share this post with others.


WANT TO AVOID PROBATE?

Probate is a special court that supervises and determines how a deceased person’s estate is to be distributed. The probate procedure may take years to complete. Probate can become an expensive and time consuming process that can be avoided by creating a Living Trust or adding a Joint Tenant. Ultimately, however, the best solution to avoid probate is to vest your real property in your Living Trust.

This content is general knowledge and can be found on any bookshelf in a public library or bookstore in California.
Carol Ramirez
Carol Ramirez
Carol Ramirez, CLA, LDA, is a registered and bonded Legal Document Assistant providing affordable legal document preparation to consumers with the highest degree of confidentiality and professionalism.

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