QUESTION

Wife and I each hold our half share of our condo in our separate trusts. We want our share to go to the surviving spse. Re title as Joint tenants?

Asked on Aug 02nd, 2012 on Estate Planning - California
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Taxation Attorney serving Santa Monica, CA at Lyster, Inc.
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That's not necessary.  If you have not done so already, your separate trusts can specify that your share of the condo will pass to your spouse if he / she survives you (perhaps with a requirement that your spouse survives you by some period of up to 180 days - typically 30 or 60 days).  That will accomplish what the joint tenancy does, plus it provides for distributions if you both died in a common disaster.  If your trusts don't do that already, then simply prepare amendments to your trusts.
Answered on Aug 02nd, 2012 at 11:18 AM

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