The new law provides the probate simplicity of joint tenancy to community property. It can mean a substantially smaller tax bill when the property is sold. Joint tenancy is used nationwide and simplifies transfers of assets upon death of a property owner. With joint tenancy, each person owns a portion of the entire asset, whether it is a home, investment real estate, stock or bonds. Upon death of a joint tenant, everything simply belongs to the survivor, and probate essentially is avoided.
Community property goes a step further.
The down side of community property is the additional legal expense required to process the property through probate. Joint tenancy still around Joint tenancy is not obsolete. Community property applies only to married couples, while anyone, related or not, can be joint tenants. Community property with right of survivorship is not automatic. Married couples who own their homes now as joint tenants can switch to the new community property with right of survivorship by recording a new deed.