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Community Property with Right of Survivorship: A form of vesting title to property owned together by husband and wife or by domestic partners. This form of holding title shares many of the characteristics of community property but adds the benefit of the right of survivorship similar to title held in joint tenancy.
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.
Nevada is one of the nine community property states. This means that any property acquired during a marriage by either spouse is owned by both spouses jointly. The only exception is when both spouses agree in writing that a piece of property will be owned separately or in a different form of co-ownership.
Legal definition of a ?survival? action in Nevada Sometimes accident victims die before they can bring ? or finish prosecuting ? a personal injury lawsuit. If this happens, Nevada's ?survival? laws under NRS 41.100 permit the deceased plaintiff's estate to take over fighting the case and recover any damages.
If the decedent leaves no issue, the estate goes one-half to the surviving spouse, one-fourth to one parent of the decedent and one-fourth to the other parent of the decedent, if both are living. If both parents are not living, one-half to the parent then living.
Disadvantages of community property with a right of survivorship: If a spouse dies having willed a piece of property titled as community property with a right of survivorship to someone other than their spouse, their gift may be deemed invalid.