Do I need a community property agreement?
A community property agreement is an agreement between spouses or state registered partners to characterize their property as community property. These properties typically can be community or separate property depending on when and how the property was acquired. All of the deceased person’s property immediately goes to the surviving spouse without probate, so the agreement keeps all of the deceased person’s property out of probate.
To use the community property agreement, you and your spouse must agree to leave everything to each other, complete and sign the document in front of a notary public. There are some limitations to community property agreements; they do not avoid probate for the remaining spouse, they do now allow gifts for children and it may affect eligibility for government benefits.
A community property agreement can be amended or revoked at any time. To modify it, your lawyer can draft a new one that meets your specific needs. To have it revoked, you and your spouse have to sign a simple revocation. Revocation occurs if you and your spouse decide to separate, you make a new estate plan for distributing your property, or you and your spouse become dependent on SSI or Medicaid.
Here at DAL Law Firm, attorney Darcel Lobo will be able to discuss and help you figure out if a community property agreement is right for you. If you are considering a community property agreement, or have any questions, please give us a call today at (206) 408-9158, or email our office at [email protected]. We look forward to assisting you.
19803 1st Avenue S.
Normandy Park, WA 98148
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