If you reside in Texas and want to ensure that your assets go to your spouse after your death, you might want to consider a community property survivorship agreement. This agreement ensures that all assets acquired during a marriage will be divided equally between the spouse if one of the partners dies.
Community property survivorship agreements are essential because they provide a measure of security to the spouses, especially in the event of a sudden death. These agreements are not mandatory in Texas, but they are highly recommended if couples want to simplify the probate process and avoid costly legal battles.
To understand how a community property survivorship agreement works in Texas, let`s look at an example. Suppose a couple is married, and they acquire several assets during their marriage, such as a home, savings account, and vacation property. If one partner dies without a community property survivorship agreement, their assets will be distributed based on intestacy laws. These laws outline how assets are divided when no written will exists.
In Texas, if the couple has no children, the surviving spouse will inherit the entire estate. However, if the couple has children, the surviving spouse will receive only one-third of the estate, and the children will receive the remaining two-thirds. This can cause problems, especially if both spouses have contributed equally to the acquisition of the assets.
With a community property survivorship agreement, the surviving spouse will receive all the assets acquired during the marriage. The agreement is written, signed, and notarized by both parties, and it outlines that all assets acquired during the marriage will be considered community property. Hence, they will belong to both spouses, and the surviving spouse will inherit all these assets without any legal complications.
In conclusion, a community property survivorship agreement is a critical legal document for married couples in Texas. It ensures that all assets acquired during the marriage will be divided equally between the spouses if one of them dies. This agreement simplifies the probate process and avoids costly legal battles. Therefore, married couples in Texas should consider creating a community property survivorship agreement to ensure that their assets go to their spouse after their death.