ID S1056

Creates a new property designation allowing married couples to hold personal property as community property with right of survivorship, which automatically transfers to the surviving spouse upon death outside of probate.

Allows community property with survivorship rights to be created through written grant, transfer, or devise that expressly declares this intent, or through appropriate form selection at the entity holding the property.

Permits either spouse to terminate the survivorship right by executing a document stating intent to terminate, describing the original instrument creating the right, and identifying the affected property.

Converts community property with survivorship rights to tenancy in common upon divorce or annulment, unless the court orders otherwise, with protections for third parties who relied on apparent survivorship title.

Treats property as community property without survivorship rights if both spouses are deceased and the order of death cannot be reasonably determined.