Under Washington law, a married couple can hold title to real property in several different ways. Which of the following forms of ownership is UNIQUE to married couples in Washington and provides both community property tax advantages and automatic survivorship without probate?
Correct Answer
C) Community property with right of survivorship
Community property with right of survivorship (CPWROS) is available only to married couples in Washington and combines two key advantages: (1) the community property tax benefit of a full step-up in cost basis on both halves of the property at the death of either spouse, and (2) automatic transfer of the deceased spouse's interest to the survivor without going through probate. This form of ownership is unique to community property states like Washington.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A freehold estate represents ownership of real property with an indefinite duration.
Joint tenancy is a form of co-ownership in which two or more persons hold equal, undivided interests in property with the right of survivorship. When one joint tenant dies, their interest automatically passes to the surviving joint tenants.
A leasehold estate grants the right to possess and use property for a defined period of time, without conferring ownership.
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