best way to hold title for married couple in arizona

The title company insuring title will require the spouse of the married man or woman acquiring title to specifically disclaim or relinquish his or her right, title and interest to the property. This column is a reprint of a previous Law Review. Let’s look at some common ways to hold title. Assuming there is no loan on the car, the title can be trans­ferred through the Motor Vehicle Department for approx­i­mately $150. And by the way, don’t be tempted to tell the title officer you’re married if you’re not—it will only create confusion and possible problems down the road. If you own investment property it is often wise to consult specifically with an accountant and an attorney before taking title to the real estate. Whether you’re single, coupled up or married, deciding how to hold title is one of the most important decisions home buyers make. Ph: (530) 587-2002 08. Each may will their one-half of the community property to another person on their death, but more often than not, married couples do not, so their half of the community property transfers on death to their surviving spouse. All things considered the most flexible titling method for a married couple is the OR designation. Jim’s practice areas include:  real estate, development, construction, business, HOA’s, contracts, personal injury, accidents, mediation and other transactional matters. If a married person acquires title as sole and separate property, his or her spouse must execute a disclaimer deed. The Homestead can be transferred to a joint revocable trust or 50/50 to each of the spouses revocable living trust. Community Property with Right of Survivorship– This is another way for a married couple to hold title to real property. For more information or assistance in determining the best way to hold title for your unique situation, contact your real estate attorney or tax adviser. Suppose your tenant or his guest slips and falls on the porch of your duplex, and the claim exceeds the amount of liability insurance and any umbrella coverage which you have on the property. Each owner has a distinct and proportionate interest without the right of survivorship. A property deed is used to convey ownership. If you own a parcel of rental property, you should consider a separate limited liability company (or perhaps an S corporation) to hold title to that parcel. This is because there may be significant tax savings that are available to you which your accountant can make you aware … Several years ago the California Legislature did something smart. The only unity involve is possession. Each joint tenant holds an equal and undivided interest in the estate. Although not required under A.R.S. 4. This establishes that both spouses want title to the property to be granted to one spouse as that spouse’s sole and separate property. So why are so many properties held by married couples as Joint Tenancy? Truckee Office When taking the title as a joint tenancy, individuals need not be married. It is simple and effective. Here is why tenancy by the entirety is often the best way to hold title for a married couple. 1. For example, years ago, a married couple decided to take title to their house as “joint tenants” or joint owners. However, Arizona community property law requires both spouses to join in a conveyance or encumbrance of community real property. According to the California Civil Code, unless the couple declares another form of holding title, all title acquired during the course of the marriage qualifies as community property, by default. But usually this just postpones probate. The simple answer is that they appear to be very similar and therefore, they are often mistaken for one another. The Legislature changed how married couples may hold title in California. In a joint tenancy the couple will hold title to their real estate jointly with equal undivided interests and withrights of survivorship. In a joint tenancy the couple will hold title to their real estate jointly with equal undivided interests and withrights of survivorship. Sole ownership means that one person alone holds title to the property. Information about Phoenix Real Estate and Related Topics, Phoenix Real Estate Lawyers Blog site navigation, Big 5 Settlement Provides Relief For Some Arizona Homeowners, Changing Identification Documents After a Gender Reassignment. Your title company or attorney can advise you of the best way to hold title to suit your individual circumstances. Example: John Doe, a married man, as his sole and separate property. What if one of the parties wants to leave their share of a home to a surviving child instead of the spouse? Perhaps the most common way for unmarried couples to take title to real property is as “tenants in common.” Unlike a joint tenancy, a tenant in common has no automatic right to inherit the property when the other partner dies. The reader should consult with an attorney about any specific legal issues prior to embarking on any course of action or inaction involving legal matters. The author makes no claims, promises or guarantees about the accuracy, completeness, or adequacy of the contents of this blog and expressly disclaims liability for any errors and omissions. Since California is a community property state, married couples or registered domestic partners are treated as a single economic unit. Before I recommend the last of the three options, let’s discuss community property and joint tenancy. For married couples in California, any assets you acquire during marriage are presumed to be community property, unless stated otherwise. The choices were: community property, joint tenants with right of survivorship ("JTWROS") and; tenants in common. If you are married, then your spouse will need to consent as well to the transfer. He may be reached at porter@portersimon.com or www.portersimon.com. This blog contains content and opinions concerning the law generally, and is not intended to constitute legal advice or to create any attorney‑client relationship with the reader. Two or more persons may hold title to real property as tenants in common. There should be no reassessment of the property as there sometimes is on recording a deed. Some states allow married couples to own a property via this title method, which gives both spouses full ownership of the property. Note: Arizona is a community property state. This is most often used by persons who are single, but a married person can also choose sole ownership if his or her spouse is willing to sign a document renouncing any rights to the property. It is important to title your home correctly or you could face issues down the road. Ph: (530) 583-7268 Free Consultation: 602-277-4441 Tap Here To Call Us. As a general rule married couples should take title to any California real estate they own, accumulated during their marriage, as “Community Property with Right of Survivorship.”  That’s the take-home bullet. You can take title as a joint tenancy with your girlfriend or boyfriend, sibling, parent, friend or business partner; as long as there are at least two co-owners. Title can be held by natural persons i.e. Most new couples starting out don’t have inheritance questions to worry about, but an older couple who might be on a second marriage may need to consider inheritance issues. If you are refinancing a loan or taking title to property you want to share with your spouse, make sure the deed reads after your name: Community Property with Right of Survivorship. Only a married couple may hold title as community property. The only unity involve is possession. The language in the Deed to create a JTWROS needs to include specific language in the granting portion requiring vesting to be as JTWROS. SoleOwnership - If you are single, you probably hold title to your real estate in your name alone. If a married couple acquires title as joint tenants with right of survivorship, they must specifically elect the joint tenancy to avoid the presumption of community property. I did not read your links but the best approach is to have a Community Property Agreement from my experience. Community Property with Right of Survivorship– This is another way for a married couple to hold title to real property. In Arizona, married couples must reject community property and specifically take title as tenants in common. Find a lawyer near you. I feel so strongly about married couples holding their jointly owned property as Community Property with Right of Survivorship, I suggest you consider deeding to yourselves now, so on death you receive the tax benefits of holding title as community property and still avoid probate. Each tenant in common holds an undivided fractional interest in the estate. You have to answer the questions of who should get the house when you’re deciding how you should own it. Ways for a Person to Hold the Title to Real Property. I would add “for a change,” but that goes without saying. Avvo has 97% of all lawyers in the US. Get directions, Tahoe City Office Of course, the answer depends on the circumstances. Tenancy by the entirety If a married couple acquires title as joint tenants with the right of survivorship, they must specifically accept the joint tenancy to avoid the presumption of community property. The ramifications of that decision might not be apparent for years. Lawyer directory. 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