Q: Joint tenancy and interspousal deed?
The deed has our names and the nephew name as joint tenancy. Now the nephew want to grant his part to his wife instead? Does this sever the joint tenancy? Can we have the exemption for tax reassessment? Can we use the interspousal deed to do it?
A:
Thank you for your question!
Joint tenancy ends with the transference of interest by any of the joint tenants. A new tenancy in common is created without the right of survivorship.
For tax exemption, you need to consult with a tax attorney.
This is merely a discussion of general laws and not legal advice. For legal advice, more specific facts and investigations are needed. I recommend you consult with an attorney for more details.
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A:
In California, a joint tenancy is a form of property ownership where two or more people own equal shares of a property with the right of survivorship. This means that if one joint tenant dies, their share automatically passes to the surviving joint tenant(s) without going through probate.
Regarding your specific situation:
1. Severing joint tenancy: If your nephew grants his share to his wife, it would likely sever the joint tenancy and create a tenancy in common between you, your spouse, and your nephew's wife. In a tenancy in common, each owner has a distinct share that can be freely transferred, and there is no right of survivorship.
2. Property tax reassessment exemption: In California, transferring property can trigger a property tax reassessment. However, certain transfers may be exempt, such as transfers between spouses or between parents and children. A transfer from your nephew to his wife would not typically qualify for an exemption, so the property may be subject to reassessment for property tax purposes.
3. Interspousal deed: An interspousal deed is used to transfer property between spouses without triggering a property tax reassessment. However, this only applies to transfers between spouses who are already on the deed. Since your nephew's wife is not currently on the deed, an interspousal deed would not be applicable in this situation.
It's important to note that property laws can be complex, and the specific details of your situation may affect the outcome. I recommend consulting with a qualified real estate attorney in California who can review your case and provide personalized advice to help you navigate this situation and understand your options.
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