Andrew and Pearl are a married couple living in a community property state and are considering how to handle possible probate issues that may arrive. What are the considerations that should be presented to them?
What will be an ideal response?
Spouses in a community property state receive one-half of the community estate upon the death of the other spouse. A spouse may leave separate property to anyone. A spouse may change this division by will but may not leave less than one-half of the marital estate to the other spouse unless both parties sign an agreement that makes all or some of the community property separate property. Some states allow married couples to hold title to assets such as their home or investment accounts as "community property with the right of survivorship." Under this arrangement, when one spouse dies, the other spouse receives all of the assets held this way and these assets are not subject to probate proceedings.
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a. True b. False
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A) True B) False