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Community Property |
Joint Tenancy |
Tenancy in Common |
Tenancy in Partnership |
Title Holding Trust |
Community Property Right of Survivorship |
| Parties |
Only husband & wife
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Any number of persons-can be husband & wife |
Two or more persons or entities |
Only partners (any number) |
Individuals or groups-partnerships or corporations |
Only husband & wife |
| Division |
Ownership & managerial interests are equal |
Joint tenants have one of the same interest |
Ownership can be divided into equal or unequal interests |
Ownership interest is in relation to the partnership |
Ownership is personal property interest-can be divided into # of interests |
Ownership and managerial interests are equal |
| Title |
Title is in the community-each interest is equal |
Only one title to the entire property |
Each co-owner has a separate legal title to his or her undivided interest |
Title is in the partnership |
Legal and equitable title is held by the trustee |
Title is in the community Each interest is separate
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| Possession |
Both co-owners have equal possession |
Equal right of possession |
Each co-owner has a separate legal title to his or her undivided interest |
Equal right of possession but only for partnership property |
Right of possession as specified in the trust provision |
Both co-owners have equal possession |
| Conveyance |
Real property requires written consent of the other spouse & with separate interest cannot be conveyed except upon death |
Conveyance by one co-owner without the other breaks his or her joint tenancy |
Each co-owners interest may be conveyed separately by its owner |
Any authorized partner may convey whole partnership property fro partnership purposes |
Designated parties within the trust agreement authorize the trustee to convey property. A beneficiarys interest in the trust may be transferred. |
Real property requires written consent of other spouse, an with separate interest cannot be conveyed except upon death |
| Purchasers Status |
Purchaser can only acquire 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 |
Purchaser may obtain a beneficial interest by assignment or may obtain legal and equitable title from the trust |
Purchaser can only acquire whole title of community; cannot acquire a part of it |
| Death |
On co-owners death, 1/2 belongs to survivor in severalty. 1/2 goes by will to descendants devisee or by succession to survivor |
On co-owners death the entire tenancy remains to the survivor. This right of survivorship is the primary incident of joint tenancy |
On co-owners death his or her interest passes by will to devisee or heirs. No survivorship right |
On partners death his or her partnership interest passes to the surviving partner(s) pending liquidation of the partnership. Share of deceased partner then goes to his or her estate |
Successor beneficiaries may be named in the trust agreement, eliminating the need for probate |
On co-owners death the entire tenancy remains to the survivor. Subject to the same procedures as property held in joint tenancy |
| Successors Status |
Devisees or heirs become tenants in common |
Last survivor owns property in severalty |
Devisee or heirs become tenants in common |
Heirs or divsees have rights in partnership interest but not in specific property |
Defined by trust agreement, generally the successor becomes the beneficiary and trust continues |
Surviving spouse owns property |
| Creditors Rights |
Co-owners interest may be sold on execution sale to his or her creditor. Creditor becomes tenant in common |
Co-owners interest may be sold on execution sale to satisfy creditor. Joint tenancy is broken and creditor becomes tenant in common |
Co-owners interest may be sold on execution sale tohis or her creditor. Creditor becomes a tenant in common |
Partners interest may not be seized or sold separately by his or her personal creditor but his or her share of profits may be obtained by a personal creditor. Whole property may be sold on execution sale to satisfy partnership creditor |
Creditor may seek an order for execution sale of the beneficial interest or may seek an order that the trust estate be liquidated and 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 |
| Presumption |
Strong presumption that property acquired by husband and wife is community |
Must be expressly stated |
Favored in doubtful cases except husband and wife cased interest |
Arise only by virtue of partnership status in property placed in partnership |
A trust is expressly created by an executed trust agreement |
Must be expressly stated |
