Community

  Property

Join   Tenancy

Tenancy In

 Common

Tenancy In

Partnership

Title Holding

Trust

Community Property Right of

 Survivorship

Profit

Only husband & wife

Any number of persons (can be husband & wife)

Any number of persons (can be husband & wife)

Only Partner (any number)

Individuals, groups of persons, partnerships or corporations, a living trust

Only husband & wife

Division

Ownership and managerial interests are equal (except control of business is solely with managing spouse)

Ownership interest must be equal

Ownership can be divided into any number of interests equal or unequal

Ownership interest is in relation to interest in partnership

Ownership is a personal property interest and can be divided into any number of interests

Ownership and managerial interests are equal

Title

Title is in the “community”. Each interest is separate but management is unified

Sale or encumbrance by joint tenant severs joint tenancy

Each co-owner has a separate legal title to his/her undivided interest

Title is in the “partnership”

Legal & equitable title is held by the trustee

Title is in the “community,” management is unified

Possession

Both co-owners have equal management & control

Equal right of possession

Equal right of possession

Equal right of possession but only for partnership purposes

Right of possession as specified in the trust provisions

Both co-owners have equal management & control

Conveyance

Personal property (except “necessaries”) may be conveyed for valuable consideration without consent of other spouse; real property requires written consent of other spouse & separate interest cannot be conveyed except upon death

Conveyance by one co-owner without the others breaks the joint tenancy

Each co-owner’s interest may be conveyed separately by its owner

Any authorized partner may convey whole partnership property for partnership purposes

Designated parties within the trust agreement authorize the trustee to convey property. Also a beneficiary’s interest in the trust may be transferred

Right of survivorship may be terminated pursuant to the same procedures by which a joint tenancy may be served

Purchaser’s Status

Purchaser can only acquire whole title of community; cannot acquire a part of it

Purchaser will become a tenant in common with other co-owners in the property

Purchaser will become a tenant in common with the other co-owners in the property

Purchaser can only acquire the whole title

A purchaser may obtain a beneficial interest by  assignment or may obtain legal & equitable title from the trust

Purchaser can only acquire whole title of community; cannot acquire a part of it

Death

On co-owner’s death, ½

belongs to survivor in severalty, ½  goes by  will to descendant’s

devisee or by succession to survivor

On co-owner’s death, his/her interest ends & cannot be disposed of by will. Survivor owns the property by survivorship

On co-owner’s death his/her  interest passes by will to devisee or heirs. No survivorship right

On partner’s death his/her partnership interest passes to the surviving partner pending liquidation of the partnership. Share of deceased partner then goes to his/her estate

Successor beneficiaries may be named in the trust agreement, eliminating the need for probate

Upon the death of a spouse, his/her interest passes to the surviving spouse, without administration, subject to the same procedures as property held in joint tenancy

Successor’s Status

If passing by will, tenancy in common between devisee & survivor results

Last survivor owns property

Devisee or heirs become tenants in common

Heirs or devisee have rights in partnership interest but not specific property

Defined by  trust agreement, the successor becomes the beneficiary & trust continues

Surviving spouse owns property

Creditor’s Rights

Property of community is liable for debts of either spouse which are made before or after marriage. Whole property may be sold on execution sale to satisfy creditor

Co-owner’s interest may be sold on sale to satisfy creditor. Joint tenancy is broken, creditor becomes a tenant in common

Co-owner’s interest may be sold on execution sale to satisfy his/her creditor. Creditor becomes a tenant in common

Partner’s interest cannot be seized or sold separately by his/her personal creditor but his/her share of profits may be obtained by a personal creditor.

Creditor may seek an order for sale of the beneficial interest or may seek an order that the trust estate be liquidated & the proceeds distributed

Property of community is liable for debts of either which are made before or after marriage; whole property may be sold on execution sale to satisfy creditor