15 Oct Newly Married? Change Your Deed in a Day
A newly married couple came in to our Walnut Creek office to update their deed. Before their marriage, they had bought their home together as a single man and woman. When they married, the wife took her husband’s last name, but the name on the deed still reflected her maiden name. They wanted a new deed to show their joint ownership as husband and wife; their home would now be Community Property with the Right of Survivorship.
Community Property with the Right of Survivorship: tax benefits if one spouse dies
In California, Community Property with the Right of Survivorship is a way of holding property between a husband and wife that has the benefits of both Community Property and Joint Tenancy. Community Property with the Right of Survivorship receives a significant tax incentive for the surviving spouse/partner when the other one dies. In Community Property with the Right of Survivorship cases, the property is exempt from probate when one spouse/partner dies.
A simple procedure with important legal protections
Changing the name on a deed is a relatively simple process that has important legal protections for couples who hold these deeds. Best of all, it’s something we can generally accomplish in a day. We encourage all couples who have been procrastinating to come in to one of our California Document Preparers offices to update your deed to reflect your new domestic relationship.