Right Of Survivorship

Right of Survivorship is a specific legal definition that refers to co-owners of real property. When property is specifically owned as Joint Tenancy between multiple people the right of survivorship automatically transfers to the co-owner . This may be ownership as Joint Tenancy of property, money or a business for instance. In the event of the death of one owner, Joint Tenancy allows the surviving owner to take ownership over the deceased portion as a Right of Survivorship. This is often an attractive legal definition for married couples, and in that instance is called Joint Tenancy by the Entirety. Right of Survivorship ends at the dissolution of a marriage. This arrangement allows the surviving spouse to fully acquire all that the deceased owned without allowing challenge by heirs or other family members. This also allows the will to avoid probate. Property owned in other arrangements can be transferred to a joint tenancy by amending the titles to property.

Fast Facts

  • Joint Tenancy may also be referred to as a probate avoidance device
  • Joint Tenancy refers to an ownership interest by more than one person, called tenants
  • Each tenant hold an equal share and that transfers equally to all surviving tenants

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  • Transferring Property

    Transferring property to a new owner is done through an attorney who files the necessary deeds and paperwork. ...
    • Site: realestatelawyers.com
  • Avoiding Probate Court

    Probate is defined as the legal process in which the estate of a deceased person is administered by the resolu...
    • Site: estateplanninglawfirms.com
  • Marriage and Ownership of Estate

    When you get married, unless a prenuptial is signed, the two of you share all assets and properties together. ...
    • Site: estateplanninglawfirms.com
  • Avoiding Probate

    For those of you that are unfamiliar with probate, it’s necessary that you educate yourself in case you are ev...
    • Site: willsandtrustslawfirms.com
  • Real Estate Term Glossary

    Arbitration A method of resolving a dispute in which a third party renders ...
    • Site: realestatelawyers.com

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