|
Community Property |
Joint Tenancy |
Tenancy In Common |
Tenancy In Partnership |
Title Holding Trust |
Community Property Right of Survivorship |
| Parties |
Only husband and wife |
Any number of persons (can be husband and wife) |
Any number of persons (can be husband and wife) |
Only partners (any number) |
Individuals, groups of persons, partnerships or corporations, a living trust |
Only husband and wife |
| Division |
Ownership and managerial interests are equal (except control of business is solely with managing spouse) |
Ownership interest must be equal |
Ownership can be divided into any number of interests equal or unequal |
Ownership interest is in relation to interest in partnership |
Ownership is a personal property interest and can be divided into any number of interests |
Ownership and managerial interests are equal |
| Title |
Title is in the "community". Each interest is separate but management is unified |
Sale or encumbrance by joint tenant severs joint tenancy |
Each co-owner has a separate legal title to his/her undivided interest |
Title is in the "partnership" |
Legal and equitable title is held by the trustee |
Title is in the "community" management is unified |
| Possession |
Both co-owners have equal management and control |
Equal right of possession |
Equal right of possession |
Equal right of possession but only for partnership purposes |
Right of possession as specified in the trust provisions |
Both co-owners have equal management and control |
| Conveyance |
Personal property (except "necessaries") may be conveyed for valuable consideration without consent for other spouse; real property requires written consent of other spouse and separate interest cannot be conveyed except upon death |
Conveyance by one co-owner without the others breaks the joint tenancy |
Each co-owner's interest may be conveyed separately by it's owner |
Any authorized partner my convey whole partnership property for partnership purposes |
Designated parties within the trust agreement authorize the trustee to convey the property. Also a beneficiary's interest in the trust my be transferred |
Right of survivorship may be terminated pursuant to the same procedures by which a joint tenancy may be severed |
| Purchaser's Status |
Purchaser can only acquire whole title of community; cannot acquire a part of it |
Purchaser will become a tenant in common with the other co-owners in the property |
Purchaser will become a tenant in common with the other co-owners in the property |
Purchaser can only acquire the whole title |
A purchaser may obtain a beneficial interest by assignment or may obtain legal and equitable title from the trust |
Purchaser can only acquire whole title of community; cannot acquire a part of it |
| Death |
On co-owner's death, 1/2 belongs to survivor in severalty. 1/2 goes by will to descendant's devisee or by succession to survivor |
On co-owner's death, his/her interest ends and cannot be disposed of by will. Survivor owns the property by survivorship. |
On co-owner's death his/her interest passes by will to devisee or heirs. No survivorship right |
On partner's death his/her partnership interest passes to the surviving partner pending liquidation of the partnership. Share of deceased partner then goes to his/her estate |
Successor beneficiaries may be named in the trust agreement, eliminating the need for probate |
Upon the death of a spouse, his/her interest passes to the surviving spouse, without administration, subject to the same procedures as property held in joint tenancy |
| Successor's Status |
If passing by will, tenancy in common between devisee and survivor results |
Last survivor owns property |
Devisee or heirs become tenants in common |
Heirs or devisee have rights in partnership interest but not specific property |
Defined by the trust agreement, generally the successor becomes the beneficiary and trust continues |
Surviving spouse owns property |
| Creditor's Rights |
Property in community is liable for debts of either spouse which are made before or after marriage. Whole property may be sold on execution sale to satisfy creditor |
Co-owner's interest may be sold on execution sale to satisfy creditor. Joint tenancy is broken, creditor becomes a tenant in common |
Co-owner's interest may be sold on execution sale to satisfy his/her creditor. Creditor becomes a tenant in common |
Partner's interest cannot be seized or sold separately by his/her personal creditor but his/her share of profits may be obtained by a personal creditor. Whole property may be sold on execution of sale to satisfy partnership creditor |
Creditor may seek an order for execution sale of the beneficial interest or may seek an order that the trust estate be liquidated and the proceeds distributed |
Property of community is liable for debts of either which are made before or after marriage; whole property may be sold on execution sale to satisfy creditor |
| Presumption |
Strong presumption that property acquired by husband and wife is community |
Must be expressly stated |
Favored in doubtful cases except husband and wife case |
Arise only by virtue of partnership status in property placed in partnership |
A trust is expressly created by an executed trust agreement |
Must be expressly stated |
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