King Washington Agreement to Partition Community Property (Creating Joint Tenancy with Right of Survivorship)
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FAQ
Community property with Right of Survivorship is a relatively new form of owning real property, and was created by the California legislature in 2001. It combines the security of owning property as joint tenants with the tax benefits offered by California's community property system.
A joint tenancy with right of survivorship has all the same features of a joint tenancy with the additional feature that when one joint tenant passes away, his or her interest in the real property will automatically pass to the survivor joint tenants by operational law.
With community property, the step-up basis applies to the whole property; with joint tenancy, only the deceased tenant's half receives the step-up basis. This can have serious tax implications if and when the surviving tenant sells the property. Whether you want protection from creditors.
The main difference between joint tenants vs community property with right of survivorship lies in how the property is taxed after the death of a spouse. In joint tenant agreements, the proceeds from the sale of a property (after the death of a spouse) would be subject to the capital gains tax.
Community property with right of survivorship is a legal distinction that allows two spouses to equally share assets through marriage as well as pass on assets to the other spouse upon death without going through probate.
Joint tenancy is a form of co-ownership in which two or more persons, often husband and wife, own property in equal individual interests. Right of survivorship is the key feature of a joint tenancy.
There are two types of tenancies that possess the right of survivorship: joint tenancy and tenancy by the entirety.
California is a community property state, which means that following the death of a spouse, the surviving spouse will have entitlement to one-half of the community property (i.e., property that was acquired over the course of the marriage, regardless of which spouse acquired it).
The right of survivorship is a right granted to joint property owners that ensures the transfer of one owner's stake to the remaining property owner(s) in the case of his or her death.