| | COMMUNITY PROPERTY | JOINT TENANCY | TENANCY
IN
COMMON | TENANCY
IN PARTNERSHIP | TITLE HOLDING TRUST |
Parties
| Only husband and wife | Any number of persons (can be husband and wife) | Any number of persons (can be husband and wife) | Only partners (any number) | Individuals, groups of persons, partnerships or corporations, a living trust |
Division
| Ownership and managerial interests are equal. C | Ownership interests must be equal | Ownership can be divided into any number of interests equal or unequal | Ownership interest is in relation to interest in partnership | Ownership is a personal property interest and can be divided into any number of interests |
Title
| Title is in the "community." Each interest is separate but management is unified | Sale by joint tenant severs joint tenancy | Each co-owner has a separate legal title to his/her undivided interest | Title is in the "partnership" | Legal and equitable title is held by the trustee |
Possession
| Both co-owners have equal management and control | Equal right of possession | Equal right of possession | Equal right of possession, but only for partnership purposes | Right of possession as specified in the trust provisions |
Conveyance | Personal property (except "necessaries") may be conveyed for valuable consideration without consent of other spouse; real property requires written consent of other spouse, and separate interest cannot be conveyed except upon death | Conveyance by one co-owner without the others breaks the joint tenancy | Each co-owner’s interest may be conveyed separately by its owner | Any authorized partner may convey whole partnership property for partnership purposes | Designated parties within the trust agreement authorize the trustee to convey property. Also, a beneficiary’s interest in the trust may be transferred. |
Purchasers
Status
| Purchaser can only acquire whole title of community; cannot acquire a part of it | Purchaser will become a tenant in common with the other co-owners in the property | Purchaser will become a tenant in common with the other co-owners in the property | Purchaser can only acquire the whole title | A purchaser may obtain a beneficiaries interest by assignment or may obtain legal and equitable title from the trust |
Death
| On co-owner’s death, ˝ belongs to survivor in severalty. ˝ goes by will to descendants 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 devisee 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 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 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 cannot be seized or sold separately by his/her personal creditor but 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 |
Presumptions | Strong presumption that property acquired by husband and wife is community | Must be expressly stated | Favored in doubtful cases except husband and wife case | Arise only by virtue of partnership status in property placed in partnership | A trust is expressly created by an executed trust agreement |
