Washington Agreement to Partition Community Property (Creating Joint Tenancy with Right of Survivorship)

State:
Multi-State
Control #:
US-OG-919
Format:
Word; 
Rich Text
Instant download

Description

In some community property states, it is not permissible for a husband and wife to partition community property to create different forms of ownership. This agreement, which contains words of grant, serves to partition community property interest and create a joint tenancy with right of survivorship as to each party's partitioned interest.
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FAQ

A joint tenancy with right of survivorship may be created by deed or will.

Co-tenancy or joint tenancy is a concept in property law that is used to describe the various ways that a piece of property can be owned by two or more people at the same time. A JTWROS is one version of co-tenancy that gives co-owners equal rights to the asset in addition to the right of survivorship.

Joint tenancy includes the right of survivorship: Upon the death of a joint tenant, the deceased's interest transfers directly to the surviving joint tenant(s).

Today in California, Idaho, New Mexico and Nevada the surviving spouse succeeds to the decedent's share of community property in the absence of a will. In Arizona, Louisiana, Washington and Texas the decedent's share goes in whole or in part to his or her descendants.

The majority of banks set up joint accounts as ?Joint With Rights of Survivorship? (JWROS) by default. This type of account ownership generally states that upon the death of either of the owners, the assets will automatically transfer to the surviving owner.

There are two types of tenancies that possess the right of survivorship: joint tenancy and tenancy by the entirety.

A joint tenancy carries with it a right of survivorship. This means that upon a joint tenant's death, the deceased joint tenant's interest in the property held in joint tenancy vests in his or her surviving joint tenant(s), automatically by operation of law.

A joint tenancy shall have the incidents of survivorship and severability as at common law, including the unilateral right of each tenant to sever the joint tenancy. Joint tenancy shall be created only by written instrument, which instrument shall expressly declare the interest created to be a joint tenancy.

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Washington Agreement to Partition Community Property (Creating Joint Tenancy with Right of Survivorship)