In some community property states (notably Texas), it is now 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 partys partitioned interest.
The Wisconsin Agreement to Partition Community Property Creating Joint Tenancy with Right of Survivorship is a legal document that allows couples to divide their community property while also designating ownership with right of survivorship. This agreement is commonly used by married couples or domestic partners who want to ensure that their property passes smoothly to the surviving partner upon one partner's death. By creating a joint tenancy with right of survivorship, both partners are considered equal owners of the property. In the event of one partner's passing, the property automatically transfers solely to the surviving partner without the need for probate or any other legal proceedings. This agreement offers simplicity and convenience to the couple's estate planning strategy. There are a few variations of the Wisconsin Agreement to Partition Community Property Creating Joint Tenancy with Right of Survivorship, each serving a distinct purpose. Firstly, there is the Basic Joint Tenancy Agreement, which creates joint ownership of property between two partners with survivorship rights. The second type is the Enhanced Joint Tenancy Agreement, which offers additional asset protection benefits by safeguarding the property from the surviving partner's creditors. Another type is the Joint Tenancy Agreement with Children's Survivorship, specifically designed for couples who want to ensure that their entire estate passes to their children together in case both parents pass away simultaneously or within a short time frame. This form of agreement ensures that the children receive the property automatically, enhancing their inheritance rights. The Wisconsin Agreement to Partition Community Property Creating Joint Tenancy with Right of Survivorship is an effective and straightforward legal tool for couples to manage their joint property and guarantee a seamless transfer of ownership upon death. It provides peace of mind by simplifying the estate settlement process and ensuring the intended beneficiaries receive their rightful share.
