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Do I need a Community Property Agreement?
A Community Property Agreement is a contract that a married couple in a community property state sign as a couple that specifies how they want their property to be classified. A Community Property Agreement states that when the first spouse or partner dies 1) all property both people own converts to community property and 2) all of the deceased person’s property immediately goes to the surviving spouse. Unless the couple has agreed otherwise in writing, this will include money earned during the marriage or domestic partnership and anything purchased with that money.
You can amend or revoke your community property agreement at any time. To modify a Community Property Agreement, have a lawyer draft a new one that meets your specific needs. To revoke your Community Property Agreement, both you and your spouse or partner just need to sign a simple revocation. Use a Community Property Agreement only if you want all of your property to go to your spouse or partner.
It is good idea to have a Community Property Agreement prepared with the rest of your estate planning. A will lets you name an executor, nominate guardians for your minor children, and provide a backup plan in case you and your spouse die simultaneously. Having an attorney is not required to prepare a Community Property Agreement, however, consulting with an experienced estate planning attorney can help you get any questions answered. If you are looking to know more about Community Property Agreements or want to get started on having one prepared, please contact our office today. You can reach us at (206) 408-8158. We look forward to assisting you!
Contact us:
19803 1st Avenue S.
Suite 200
Normandy Park, WA 98148T (206) 408-8158
F (206) 374-2810
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