PART TWO: COMMUNITY PROPERTY WITH RIGHTS OF SURVIVORSHIP
Arizona now authorizes ownership of community property with rights of survivorship. As between husband wife, the property is treated as community property and, upon the death of one spouse, the surviving spouse immediately succeeds to the interest of the other spouse without probate. An advantage of this type of ownership is that the decedent spouse and surviving spouse both receive a stepped-up basis of the property’s market value at the death of one spouse.
Lat J. Celmins