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Q.What Is Community Property With the Right Of Survivorship?
A.As of July 1, 2001 California law allowed a new type of property ownership: Community Property with Right of Survivorship. (Ca. Civil Code 682.1). The major benefit of holding title as Community Property has been a "double step-up in basis" at the death of a spouse. The major difficulty of Community Property was the transfer of full ownership to the surviving spouse when the first spouse dies often required probate. Community Property with Right of Survivorship allows the best of both- a double step up in cost basis and the automatic transfer of the property to the surviving spouse without probate.
Property held as community property with the right to survivorship should read as follows in the title:
"Husband's Name" and "Wife's name", husband and wife, as community property with the right of survivorship
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