There are six ways to hold title of real property in California: community property, community property with rights of survivorship, joint tenancy, tenants in common, partnership and trust. Now, I am not offering any legal advice today, but I did want to share with you a table that does a good job of explaining the pros and cons of each in layman’s terms.
The main takeaway is that holding title by community property really isn’t good for anyone. The main reason being that the surviving spouse doesn’t automatically take ownership of the property upon the death of his or her spouse. The ownership would be determined by estate documents. The better option for married people is community property with right of survivorship. By default the surviving spouse get all in the event of his or her spouse’s death. Talk to a local title company to assist you with explaining the differences between each way of holding title.