Alaska Agreement to Partition Community Property (Creating Joint Tenancy with Right of Survivorship)
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FAQ
Problems with co-ownership Sharing ownership of an asset can also unfortunately come with risks. For example, co-owners of a firm may not agree on how to run the business. Buying out a co-owner can be very difficult if they are not willing to sell their share, and the relationship can quickly become strained as well.
There are a few common ways to co-own property in Alaska: Joint tenancy (also called "joint tenancy with right of survivorship"). If you co-own real estate as joint tenants with right of survivorship, when one co-owner dies, that co-owner's share of the property will automatically go to the surviving co-owner(s).
The most recognized form for a married couple is to own their home as Tenants by the Entirety. A tenancy by the entirety is ownership in real estate under the fictional assumption that a husband and wife are considered one person for legal purposes. This method of ownership conveys the property to them as one person.
One of the pitfalls of community property is something that is also one of its selling points ? all assets obtained during the marriage are owned 50/50. This can become a problem if one spouse dies and leaves their half of a property to someone other than their surviving spouse.
Property held by spouses under the Alaska Community Property Act. Each spouse owns half of the property and when one spouse dies, his or her half passes either automatically to the surviving spouse or to the beneficiaries or heirs of the spouse who died.
Community property with the right of survivorship is an agreement where, after the death of a spouse, ownership of the property that is jointly owned by both spouses automatically passes to the other spouse. The property or asset therefore avoids probate completely.
Disadvantages of joint tenants with right of survivorship JTWROS accounts involving real estate may require all owners to consent to selling the property. Frozen bank accounts. In some cases, the probate court can freeze bank accounts until the estate is settled.