Modern Kitchen

REAL PROPERTY TITLES

Depending on how your real property is titled

            will determine how protected your legacy is...

JOINT TENANCY

  • Two or more people are on the title

  • Each person holds an equal interest in the property (ie two people = each have a 1/2 interest; three people = each have a 1/3 interest; four people = each have a 1/4)

  • Right of survivorship (avoids probate)

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 tenant(s) whether or not there is a will or trust due to the "right of survivorship."  The title on the deed will control if it is a joint tenancy even if a will or trust designates a particular beneficiary who is not the joint tenant.

TENANTS IN COMMON

  • Two or more people are on the title

  • Each person holds some interest in the property (does not have to be equally divided)

  • 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)

  • Married or Domestic Partners

  • Joint ownership in the property

  • 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 

(EXECUTORY INTEREST)

  • Married or Domestic Partners

  • Joint ownership in the property

  • 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

  • Held in the Name of the Trust by Trustees

The trust owns the property.  As long as the trustees have the power to do so through the trust, the property can be taken in and out of the trust or even sold.  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. 

The Law Office of Brianna J. Giliberto-Hermann is available to assist clients with transferring property and changing title for real property.

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