Community Property Agreement

COMMUNITY PROPERTY SURVIVORSHIP AGREEMENT

THIS AGREEMENT is made on the day of , , between ("Husband") and ("Wife"), husband and wife, both of whom are domiciled in the State of .

THEREFORE, in consideration of the mutual promises and obligations set forth hereafter, each party hereto agrees as follows:

I.   Revocation of Prior Agreements.

Any prior Community Property Agreement, or any other agreement other than a Will or trust, which was signed both parties, prior to this date, and which specifically provides for the disposition of their community property at the time either or both of them die, then any such agreement is terminated by this Agreement.

II.   Property Covered

This Agreement shall apply to all community property now owned or hereafter acquired by Husband and Wife. Any separate property of either, now owned or hereafter acquired shall become and be considered community property upon the death of the party owning said separate property. All such community property is referred to in this Agreement as the "subject property".

III.   Vesting

On the death of either Husband or Wife, all of the subject property shall vest in the survivor of them.

IV.   Disclaimer

Upon the death of either spouse, the surviving spouse may disclaim any interest passing under this Agreement in whole or in part, and the interest disclaimed shall pass under the terms and conditions of any validly executed Will which the decedent may have executed or in default thereof, according to the laws of intestacy as governed by the statutes of the State of then in effect.

V.   Automatic Revocation

In the absence of other evidence indicating the party’s intent to terminate this agreement, it shall, nevertheless, be deemed mutually terminated and of no further force or effect upon either party’s filing a petition, complaint or other pleading for dissolution of their marriage or divorce, or upon a court of competent jurisdiction dissolving the marriage or granting a decree of divorce or separate maintenance to either of them.

Optional Revocation by One Party*

If either party becomes disabled, the other party shall have the power to terminate this Agreement, and each party designates the other as attorney-in-fact to become effective upon disability to exercise such power. Such termination shall be effective upon the delivery of written notice thereof to the disabled spouse, and to the guardian, if any, of the person and of the estate of the disabled person. For the purpose of this paragraph, a spouse shall be deemed disabled if such spouse's regularly attending physician signs a statement declaring that such spouse is unable to manage his or her own affairs; or if such spouse has no regularly attending physician, if such a statement is signed by two qualified physicians who have adequately examined the disabled spouse. An adjudication of incompetence by a court of competent jurisdiction shall also be proof of a spouse's disability for purposes of this paragraph.

* Note: As a contract, the community property agreement cannot be modified or revoked by one spouse acting alone. Should one spouse become incapacitated, it would normally be necessary to appoint a formal guardian in order to modify or revoke the agreement. This paragraph allows the competent spouse to perform such actions without court intervention if he or she deems the same to be necessary or appropriate.

VI.   Powers of Appointment.

This Agreement shall not affect any power of appointment now held by or hereafter given to either party, nor shall it obligate either of them to exercise any such power of appointment in any way.

VII.   Survivorship

As used herein, the term "survivor," "survive," or "survivorship" shall mean living for a period of thirty (30) days following the death of the first of the aforementioned parties to die.