Legal Question in Wills and Trusts in California
Value of Community Property Upon Death of Spouse
My husband and I were once advised by an attorney to file a Declaration of Community Property. (We never did.) Purpose: to establish the value of the property at the time of death of one spouse. Without filing the Declaration, the base value of the property for the surviving spouse would be calculated at what it was worth at the time of its purchase. Upon sale or transfer of the property, the capital gain would be higher if there were no Declaration. Is this still true, and, if it is, is there a standard form for this Declaration?
1 Answer from Attorneys
Re: Value of Community Property Upon Death of Spouse
The purpose of a Declaration of community property is not to establish value but to establish what is community property as opposed to separate property. Value is determined at the date of death and with respect to community property 100% of the property gets a step up in basis to value instead of half the property if held as joint tenancy or tenants in common
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