Here is a general explanation of ways to take title. For additional explanations, please contact an attorney?
Only persons married to each other may own real property as community property. Each spouse owns an undivided one-half interest in their property. East spouse may provide by will for the disposition of his or her community property. However, in Arizona community property except for property acquired by gift, devise, or descent. A married couple seeking to hold title to real property located in Arizona in a form other that community property may do so by renouncing the community property form and specifically accepting another form of co-tenancy.
Joint Tenancy with the Right of Survivorship:
Two or more natural persons may hold title to property as joint tenants with the right of survivorship, provided that they share the four unities of time, title, interest and possession. That is, they acquire their joint ownership at the same time, by the same title, have identical interests in duration, and share equal right of possession. Evidence of the intent of a married couple to hold title to real property as joint tenants with the right of survivorship MUST BE IN WRITING so as to avoid presumption of community property. If one joint tenant transfers his interest, this transfer destroys the joint tenancy estate and the co-tenants become tenants in common. Upon the death of a joint tenant, his interest is transferred outside probate to the surviving joint tenant (s).
Community Property with the Right of Survivorship:
Only persons married to each other may take title as community property with the right of survivorship. One spouse is entitled to the whole of the property upon the death of the other and both halves of the community property receive a new tax basis equal to the fair market value of the date of death. Evidence of the intent of a married couple to hold title to real property as community property with the right of survivorship (MUST BE IN WRITING) IN ORDER TO AVOID THE PRESUMPTION OF COMMUNITY PROPERTY. When parties holding property as community property converts to tenancy in common.
Tenancy in Common:
Two or more persons may hold title of real property is tenants in common (married couple must reject community erty and specifically take title as tenants in common). Each owner has a distinct and proportionate interest without the right of survivorship. The only unity involved is possession. Their undivided interest need not be equal, but in the aggregate cannot exceed 100% of the ownership interest. A tenancy in common may transfer his undivided interest without destroying the tenancy estate.
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