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.