House bought for $90,000.00 in 2001 and is now worth $200,000.00 after many improvements. A relative paid the house off before their death being one of the tenants is totally disabled. One person is 75 years of age, the other is 55 (the disabled party).We are not planning to move hopefully but anything is possible being we are both in poor health. We have other assets as well and no debt if this matters. Thanks again for any help/insight -- very confused about this issue and whether or not it would be worth changing. The value of the house has dropped from over $300,000.00 to $200,000.00 in the past year. If I change the title to Community Property status, how would this help us if at all should one of us pass within the next few years (which is very possible)?
If you have joint tenancy then you both have a right to survivorship. Community property is simply the community interest in the property that you can transfer both your interest to make it 50% in case you divorce. If you don't divorce, it doesn't matter since it is in joint tenancy. The title doesn't necessarily effect your community interest.
This is just my opinion and not a comprehensive answer. You assume the risk because this answer may not apply to your situation depending on the facts.
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