For married couples in Washington and Idaho, a Community Property Survivorship Agreement can be an effective and often overlooked estate planning tool. This agreement allows community property to pass automatically to the surviving spouse upon the death of the first spouse, avoiding probate for assets covered by the agreement while preserving the tax advantages of community property, including a full step-up in tax basis at the first spouse’s death. A Community Property Survivorship Agreement can be particularly beneficial for couples whose primary goal is to ensure that assets pass quickly and efficiently to the surviving spouse without the expense and delay of probate. However, it is not a one-size-fits-all solution. Couples with blended families, tax planning concerns, or more complex estate planning goals may be better served by a Revocable Living Trust or other planning strategies. An experienced lawyer can help you determine whether a Community Property Survivorship Agreement is the right fit for your family’s needs and integrate it into a comprehensive estate plan.
If you have questions about Community Property Survivorship Agreements or any other estate planning tools and techniques, give us a call at 253.858.5434 to set up an appointment today.