Community Property Legal and Accounting in Texas

[Dbeasy 15588]

I'm getting ready to use the services of a Surly lawyer to update wills, etc and happened to run across confusing information about community property vs joint tenants with rights of survivorship (JTWRS) in Texas. My accountant wasn't helpful. Basically, it is my understanding that there are tax benefits to having property defined as community property for when one spouse dies, instead of JTWROS. However, I'm confused about how various accounts or assets can be defined as community property. I always see options to select JTWRS or Tenants In Common (TIC) for accounts and assets, but don't recall seeing community property as a selection option. Anyone understand this area?

[Dr Fear 1290]

Community Property is going to be the default in Texas unless the asset was inherited/gift/owned before marriage.  Nothing additional to be done.  Also, the (federal) Estate Tax doesn't kick in until $11.7 million for individual and $23.4 million for married (Trump 2017 tax bill, up from $5 million). The big $3.5 trillion proposed Biden bill was going to lower it to $1 million, but I read this morning that that is now off the table, so who the hell knows.  Texas does not have a state estate tax. IMO, the greatest benefit of JTWROS is that you don't have to go through probate to change the title to real estate. Same goes for brokerage accounts, bank accounts, etc.