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Joint Tenancy Property
Upon the death of a joint tenant, the real property passes to the surviving joint tenant by operation of law. However, the surviving joint tenant must take certain steps to terminate the joint tenancy title so that record title is held in the name of the surviving joint tenant. With respect to income tax, only the decedent’s portion of the joint tenancy property receives a step-up in basis.
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Community Property With Right of Survivorship
Upon the death of a married person holding title to real property, the entire real property passes to the surviving spouse. The surviving spouse will then own the real property as his or her sole and separate property. With respect to income tax, the property will receive a full step-up in basis, as opposed to joint tenancy, which only receives a half step-up in basis.
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Multiple Party Accounts
The California Multiple-Party Accounts Law governs accounts with more than one signatory at financial institutions. A Multiple-Party Account can be: (1) Joint Account-an account payable on request to one or more of two or more parties; (2) P.O.D. Account-an account payable upon the account holder’s death to certain beneficiaries; (3) Totten Trust Account-an account in the name of one or more parties as trustee for one or more beneficiaries.
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Life Estates
If the decedent held property as a life tenant with specified remainderman, then the decedent’s interest terminates upon death and the property interest passes to the remainderman without the necessity of probate.
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Contracts
Generally speaking, certain instruments such as a life insurance policy, contract of employment, bond, mortgage, promissory note, pension plan, IRA, that direct money or benefits be paid to certain beneficiaries upon the death of the account holder, is valid even if it does not comply with the requirements for execution of a will; i.e., the transfer of money and benefits avoids necessitating a probate.
Matthew W. Harris is a Marin probate attorney located in San Rafael, California. For more information on probate, please contact The Law Office of Matthew W. Harris today at (415) 521-5610 for a free probate consultation.
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