Community Property Agreement In Washington State

It does not matter that the spouses do not reside in Washington, but as long as they acquire property during their marriage, it is considered common property. The spouses can enter into an agreement on their common ownership, including Washington real estate, which is then in their possession or will be acquired in the future to take effect with the death of either of them. The net effect is to transfer U.S. real estate from Washington State after a spouse has been handed over to the surviving spouse. Similarly, the agreement can achieve the same result for U.S. citizens, U.S. tax residents, and/or Canadian citizens and non-U.S. citizens. Resident spouses who own “community real estate” in Washington State. However, you may be interested in studying how a will works in your state. Below are useful links to state-specific information of last will. As a general rule, the goal that couples have in mind when entering into collective property agreements is to avoid the execution of a will that requires succession proceedings. In some countries where succession is excessively expensive and tedious, avoiding succession can be a good idea.

However, in Washington State, succession is often relatively quick and inexpensive. In addition, several disadvantages and unintended consequences can arise from entering into a collective ownership contract, often making it a poor choice as an alternative of will. A co-ownership contract transforms only an individual property into a co-ownership; there is no “there” property to anyone. .