In California, most property acquired throughout marriage are owned equally by each spouses. This type of possession stipulates that upon the loss of life of 1 partner, the surviving partner routinely inherits the decedent’s share of the property, bypassing probate court docket. For instance, a collectively owned home would routinely switch full possession to the surviving partner. This switch avoids the time, expense, and public disclosure related to probate proceedings.
This automated inheritance characteristic supplies important advantages, together with simplified property administration and speedy entry to property for the surviving partner. Traditionally, it supplied a streamlined manner to make sure the surviving partner’s monetary safety. Such a joint possession supplies peace of thoughts realizing the surviving accomplice can have uninterrupted management of shared assets.