Community Property.    If you are married or if you are in a registered domestic partnership, there is a high likelihood that some or all of your property is considered "community property." Ordinarily, unless you have a Will or Trust which says otherwise, all of your community property will go to your surviving spouse or partner.  This may or may not be what you really intend.  What if you have children from a prior marriage?  Do you want this "new" spouse or partner to get everything, or do you want to be able to provide a gift for your children, too?

Seattle Wills Attorney gives advice about community property in estate plans.

Using a Will or Trust, you have the power to dispose of half of your community property and all of your separate property.  Thus, with a Will or Trust you have more flexibility for planning your estate than simply relying on the default plan set out in the state statutes. 

You may use a Community Property Agreement to convert separate property to community property, and to pass the property on to your spouse or registered domestic partner. 

Unfortunately, many people unwittingly destroy carefully crafted estate plans -- including plans with substantial estate tax savings -- by using a Community Property Agreement.  Be sure to tell your attorney if you have a Community Property Agreement.  And be sure to consult with an attorney before deciding whether to sign such an agreement.



Enter supporting content here