“But Washington is a community-owned state, so why do I need a Community Property Agreement?” That`s a big question. First, by transferring community assets from one spouse to another without inheritance, the surviving spouse cannot benefit from the statute of limitations for the statute of limitations of the right to a guarantee period. Some cases arising from written contracts of the deceased spouse may result from the commissioning of a community ownership contract six years after the death of the deceased spouse and the management of an estate. In the event of a claim, these claims would be reduced after only four months. If the personal representative follows the correct provisions in the event of an estate in Washington, it is very strict that creditors are required to file claims against the estate within 4 months or to lose their claims forever. This benefit is lost if an estate does not go through the estate, so if a couple has created a collective real estate contract instead of executing wills, creditors have much more time to assert their rights against the couple`s property. In addition, the change in the character of the separated condominium means that any previously separated property will be subject to the debts of the marital community and that the creditors of a spouse or national partner will be able to recover from the common property, even if they would not have been able to reach that property if they had remained separate properties. In addition, only nine states are communal jurisdictions that recognize common property rights. Therefore, if a couple who has entered into a collective real estate contract owns property in another state, the courts of that state cannot recognize the agreement and require that an estate proceeding be initiated in that state.
However, the Community Convention on Property is not fair to all. It does not work well for couples who have an estate subject to inheritance tax (for 2017, these are reductions of more than $2.129 million for inheritance tax purposes in Washington and $5.49 million for federal inheritance tax). It also does not work if the couple plans to implement specific creditor protection strategies in the succession plan. And because there is necessarily all the assets to the surviving spouse, it does not work where the plan is not to give all the property to the surviving spouse.