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P R O T E C T I N G L E G A C I E S
REAL PROPERTY TITLES
Depending on how your real property is titled
will determine how protected your legacy is...
JOINT TENANCY
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Two or more people are on the title;
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Each person has an equal ownership interest in the property; and
When the title is held in "joint tenancy" or as "joint tenants," if one of the joint tenants dies, their interest passes to the surviving owner(s) due to the "right of survivorship." This transfer occurs even if there is a living will. The right of survivorship on the deed outweighs any afterlife wishes elsewhere.
TENANTS IN COMMON
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Two or more people are on the title;
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Each person holds some interest in the property (does not have to be equally divided); and
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No right of survivorship.
When the title is held as a "tenancy in common," if one of the co-owners dies, their interest passes to their beneficiaries named in a will or heirs as prescribed by California law.
COMMUNITY PROPERTY (w/out right of survivorship)
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Married or Domestic Partners;
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Joint ownership in the property; and
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No right of survivorship.
Divorce: When the title is held as "community property," this is beneficial should there be a divorce. If there is a divorce, this title indicates that the property is to be divided 50/50.
Death: Upon the death of a spouse or partner, it does not automatically transfer to the surviving spouse or partner. As a result, probate will be required whether or not there is a will.
COMMUNITY PROPERTY WITH RIGHT OF SURVIVORSHIP
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Married or Domestic Partners;
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Joint ownership in the property; and
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Right of survivorship.
Divorce: When the title is held as "community property," this is beneficial should there be a divorce. If there is a divorce, this title indicates that the property is to be divided 50/50.
Death: Upon the death of a spouse or partner, the ownership automatically transfers to the surviving spouse or partner. As a result, probate will be avoided.
HELD IN THE NAME OF THE TRUST
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Held in the Name of the Trust by Trustees
The trust owns the property by changing title on the house to be held in the house. The property can be taken in and out of the trust or even sold by the trustee(s) of the living trust. There are no limitations. However, the greatest benefit is that that upon the death of the settlor(s) probate will be avoided as the trust will designate who is the beneficiary.