19
VESTING: COMMON WAYS OF HOLDING TITLE
Community
Property
Joint
Tenancy
Tenancy in
Common
Tenancy in
Partnership
Title Holding
Trust
Death
On co-owner’s death,
1/2 belongs to survivor in
severalty. 1/2 goes by will
to decedent’s devisee or
by succession to survivor
On co-owner’s death,
his/her interest ends and
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 rights
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
Successor’s
Status
If passing by will,
tenancy in common
between devisee
and survivor results
Last survivor owns
property
Devisee or heirs
become tenants in
common
Heirs or devisees
have rights in
partnership interest but
not specific property
Defined by the
trust agreement,
generally the
successor becomes the
beneficiary and the trust
continues
Creditor’s
Rights
Property of the
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 execution sale
to satisfy his/her 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
may be sold
separately by
“Charging Order”
by his/her personal
creditor, or his/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
Ticor Title has provided these comparisons for informational purposes only. These charts are not to be used to determine how
you should acquire ownership in the property. It is strongly recommended that you seek professional advice from an attorney
and/or your tax advisor to determine the legal and tax consequences of how your title should be vested.




