Owner can direct where entire asset goes.
Basis is stepped-up at death to current value.
Ownership preserved as separate property, not joint, by terms of nonmarital cohabitation agreement . Absent a severance, a joint tenant cannot dispose of the joint tenancy as part of the estate plan. Joint property is still a part of a deceased owner joint tenant's estate upon his or her death. C. Community Property Co-ownership between husband and wife, each owning half. Each spouse can direct where one half interest goes at death.