Louisiana Agreement to Partition Community Property (Creating Joint Tenancy with Right of Survivorship)
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FAQ
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.
In Louisiana, succession is the process of formally transferring the ownership of assets and re-titling property in the name of the heir. Without succession, the assets would remain in the deceased person's name, and heirs would not have access to them.
Any person with an existing or future interest in the property may bring the action for partition. This includes existing co owners (joint tenants; tenants in common, etc.) as well as people with a future interest (remainder men to life estates.) However, lien holders do NOT have the right to partition.
Louisiana law does not recognize the common law estates in property such as a joint tenancy, a tenancy in common, or a tenancy by the entirety.
Joint Tenants With Rights of Survivorship (JTWROS) JTWOS is recognized in many states in the United States, but it is not recognized in Louisiana. In Louisiana, the default form of co-ownership gives each co-owner the ability to pass by will or inheritance the co-owner's undivided interest in the property.
Because Louisiana is a community property state, spouses are co-owners of all property purchased during their marriage unless an agreement exists stating otherwise. In addition, heirs inheriting property are co-owners of any property inherited by more than one heir.
If spouses held property as joint tenants or as tenants by the entirety, the surviving spouse's total basis in the property is deemed to be one-half of the original cost basis and one-half of the fair market value of property on the date of the decedent's death (or alternate valuation date), reduced by the surviving ...
Unlike some states, Louisiana does not currently allow the use of TOD deeds for real estate.