What is Joint Tenancy? When your interest is owned by two or more persons and you each have equal shares. With Joint Tenancy there is the right of survivorship. The surviving joint tenant takes title to the property immediately after the other joint owner dies. This joint tenancy property would be subject to disposition by will. Example: Joe Smith and Mary Smith, husband and wife, as joint tenants.
What is Community Property? This would be property that a husband and wife acquired together or by either one of them. Unless, it is otherwise stated, the property conveyed to a married man or woman is presumed to be community property. One half of the community property can be disposed by the person owning that share but not to their spouse. If a spouse exercised their right to dispose of one-half, that half is subject to administration in the estate. Examples: Joe Smith and Mary Smith, husband and wife, as community property. Joe Smith or Mary Smith, husband and wife. Joe Smith, a married man.
Alice Ponti and Lori Hagge, Realtor Associates, CRS, GRI
http://www.lorihagge.com
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