[WSBAPT] converting JTWROS to Community Property

[Bickel, Dwight]

A recorded Warranty Deed from themselves to themselves “to convert title to community property” will accomplish their desire and retain the protection of the owner’s title insurance policy when they acquired. That deed does not incur excise tax.

A community property agreement is not required to include all of the traditional three prongs. The traditional CPA (1) converts all existing separate property to community, (2) converts all future property to community and (3) confirms intestate rights of succession to the surviving spouse. However, a CPA may convert only one specified asset and retain separate (or other title) as held by existing records and not affect future property. It should be recorded.

From: wsbarp-bounces at lists.wsbarppt.com [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Kristina DeVore
Sent: Wednesday, January 27, 2016 10:07 PM
To: WSBA Real Property Listserv; WSBA Probate & Trust Listserv
Subject: [WSBARP] converting Jtwros to Community property

I have clients who purchased a home together before marriage and took title as joint tenants with right of survivorship and now want the property to be held as community property. They do not want a community property agreement for all their assets but they do want this asset to be community property.  Can they have a community property agreement or some type of property status agreement with respect to one asset?  Or do they need a deed from themselves, to themselves to create community property?  Any advice would be greatly appreciated.

Thanks,
Kristina


Kristina S. DeVore | Attorney & Counselor at Law
KRISTINA DEVORE LAW FIRM, pllc | 300 W. 15th Street, Suite 305 | Vancouver, WA  98660
Phone: (360) 695-0535 | Fax: (360) 737-4154 | kristina at devore-law.com<mailto:kristina at devore-law.com>




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