Wisconsin Warranty Deed for Conversion of Community Property to Joint Tenancy
What is this form?
The Warranty Deed for Conversion of Community Property to Joint Tenancy is a legal document used by married couples to change the ownership structure of their property. This form allows spouses to convert their community property into a joint tenancy holding, meaning that both partners have equal rights to the property with the right of survivorship. This deed is crucial for estate planning, as it simplifies the transfer of property upon the death of one spouse.
Key components of this form
- Identification of Grantors: Names of the husband and wife converting the property.
- Property Description: Detailed description of the property being converted.
- Legal Assurance: Covenant stating Grantors are free from encumbrances and lawfully able to convey the property.
- Tax Proration Clause: Instructions on how property taxes will be handled between the Grantors and Grantees.
- Signatures: Required signatures from both Grantors, with acknowledgment by a notary public.
When this form is needed
This form should be used when a married couple wishes to change their property ownership from community property to joint tenancy. It is particularly useful for estate planning purposes, ensuring that if one spouse passes away, the other automatically becomes the sole owner of the property without the need for probate.
Intended users of this form
- Married couples who own community property in the state of Wisconsin.
- Couples looking to simplify their estate planning and property transfer process.
- Individuals seeking to establish clear rights of survivorship for their property.
Completing this form step by step
- Identify the Grantors: Enter the names of both spouses converting the property.
- Specify the Property: Provide a detailed description of the property, including the Parcel Identification Number.
- Review Legal Assurances: Ensure the warranty clause reflects the Grantors' rights and any encumbrances.
- Complete Tax Provision: Indicate how property taxes will be prorated between the parties.
- Sign and Notarize: Have both Grantors sign the form and secure a notary public's acknowledgment.
Does this document require notarization?
This form must be notarized to be legally valid. US Legal Forms provides secure online notarization powered by Notarize, allowing you to complete the process through a verified video call.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Common mistakes to avoid
- Failing to accurately describe the property being converted.
- Not including necessary signatures or notarization.
- Overlooking the tax proration clause and leaving it incomplete.
- Assuming this form can be used in states other than Wisconsin without modification.
Why complete this form online
- Convenient access to legally approved templates from licensed attorneys.
- Ability to fill out the form electronically, saving time and ensuring accuracy.
- Option to print the form for handwritten completion if preferred.
- Increased reliability with easy updates to reflect any changes in law.
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FAQ
The term joint tenants in common (JTIC) refers to a legal relationship in which two or more people own a piece of property or another asset where no rights of survivorship are afforded to any of the account holders. If one owner dies, the surviving owner doesn't necessarily acquire the rights of the deceased owner.
Change from tenants in common to joint tenantsYou need the agreement of all the other joint owners to change from being tenants in common to joint tenants. A solicitor, conveyancer or legal executive can also make the application for you.
Like joint tenancy property, each spouse's interest in community property is equal during their marriage. Unlike joint tenancy, however, each spouse's one-half community property interest is subject to disposition by the deceased spouse's will.
What Is the Difference Between a Warranty Deed & a Survivorship Deed?A warranty deed is the most comprehensive and provides the most guarantees. Survivorship isn't so much a deed as a title. It's a way to co-own property where, upon the death of one owner, ownership automatically passes to the survivor.
It would be simple for us to say that you can simply record a new document putting both of you onto title to the home as joint tenants with rights of survivorship. Usually, when you make a simple change in the title from tenants in common to joint tenants, the taxing authorities will ignore that change.
With a Survivorship Deed in place, when one of the parties in a joint tenancy dies, the other party (or parties) takes over the deceased party's interest in the property instead of it passing to the deceased's heirs or beneficiaries.
You may agree with your other co-tenant(s) to sever it. If you cannot agree on how to divide the property, you may terminate your tenancy in common by seeking judicial partition of the property.
Community property is also a form of co-ownership, but is applicable only between husband and wife. Like joint tenancy property, each spouse's interest in community property is equal during their marriage.
Change from joint tenants to tenants in common You can make this change without the other owners' agreement. A solicitor, conveyancer or legal executive can also make the application for you.
