David and Jennifer are married and want to purchase a Wisconsin home ensuring that when one dies, the other automatically inherits the full property without probate. Their attorney advises them to take title in a specific way. Which form of title should they use to achieve this goal under Wisconsin law?
Correct Answer
C) Survivorship marital property, as husband and wife
Under Wisconsin law, married couples can hold title as 'survivorship marital property,' which is a form of ownership unique to Wisconsin that combines the marital property classification under Chapter 766 with an automatic right of survivorship. This allows the surviving spouse to receive the deceased spouse's interest automatically without probate.
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Related Topics & Key Terms
Key Terms:
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A freehold estate conveys ownership rights, while a leasehold estate grants the right to possess and use property for a specific period without ownership.
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The bundle of rights describes the rights associated with property ownership, allowing owners to use, control, enjoy, exclude others from, and dispose of the property.
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