Washington State Community Property Agreement Rcw

Generally, the purpose that couples have in mind when entering into community property agreements is to avoid executing a will that requires probate proceedings. In some states where succession is excessively expensive and time-consuming, avoiding probate can be a good idea. In Washington State, however, the field is often relatively fast and inexpensive. In addition, there are several potential disadvantages and unintended consequences that can result from entering into a Community ownership agreement, often making it a poor choice as an alternative of will. Married couples and couples in domestic partnerships may enter into a joint property agreement under which all their property, separated and joint, becomes common property after the death of the first deceased spouse or partner.1 Such an agreement can also be used to immediately characterize all the couple`s current property and all property acquired in the future as community property. A community ownership contract merely converts separate property into community ownership; the property does not “give” to anyone. It is expected that all property in the community will be automatically transferred to the surviving spouse or life partner in accordance with the laws of filiation and distribution in intestate. Unlike a will, which is more flexible, a common property agreement cannot be used to make binding gifts to people other than the surviving spouse or life partner. Unlike a will, a community ownership agreement has a significant impact on how a couple`s assets are characterized and then divided during a divorce or dissolution of a domestic partnership.

In addition, once a contract of common property has been concluded, it can only be terminated with the mutual consent of both spouses or partners, while a testator can revoke his will at any time, unless the testator has entered into a binding agreement not to do so (for example.B. with a mutual will). A community ownership agreement is an agreement between spouses or domestic partners registered by the state to characterize their property as community property. Usually, each asset is characterized by married couples and domestic partners as community property or as separate property, depending on when and how the property was acquired. The characterization of property affects the legal rights and interests that each spouse or partner has in the property. If the personal representative follows the right steps in an estate case in Washington, there is a strict requirement that creditors must file claims against the estate within 4 months, otherwise they will lose their claims forever. This advantage is lost when an estate does not go through the estate, so if a couple has created a community ownership agreement instead of executing wills, creditors may have much more time to assert their claims against the couple`s property. In addition, the change in the nature of separate property to common property means that any formerly separate property is subject to the debts of the conjugal union, and creditors of a spouse or life partner can recover community property, even though they may not have been able to realize that property if it had remained separate property. A community ownership agreement prevails and may revoke all or part of a will signed before the agreement was concluded. If a person has made a will that gives a gift of half of his or her share of common property to a person other than his or her spouse or partner — for example, to a child from a previous marriage — and the person subsequently enters into a community ownership agreement, the gift goes to the person`s spouse or partner, than: what was indicated in the will. As a result, it is possible to involuntarily disinherit a loved one when a community ownership agreement is reached. In addition, only nine states are community property jurisdictions that recognize community property laws.

Thus, if a couple who have entered into a community ownership agreement own property in another State, the courts of that State may not recognize the agreement and require that probate proceedings be initiated in that State. .