right of survivorship


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Rights of Survivorship

In a situation where two or more persons jointly own property, the right of the other owner(s) to continue to own the property when one owner dies. In other words, a jointly-owned property with right of survivorship does not become part of a decedent's estate; rather, his/her co-owner(s) continue to own the property. Couples may have rights of survivorship on a jointly-owned house, for example. It may also be used in a joint business venture: if two persons own an apartment complex and one of them dies, the whole of the complex belongs to the co-owner and not the decedent's heirs. It is important to note, however, that the decedent's liabilities may remain attached to this property and may be used to pay off creditors, even if the creditor had nothing to do with the property in question. See also: Tenants in common.

right of survivorship

right of survivorship

The right to enjoy full and undivided ownership of property after the death of another. It may apply to real property, or to personal property, including bank accounts. In real estate,the right is incidental to an estate called joint tenancy or sometimes joint tenancy with right of survivorship.The estate can be destroyed in most states if one of the joint owners, without the knowledge or consent of the others, conveys (transfers) his or her interest to someone else. The purchaser does not enjoy a right of survivorship with the other remaining joint tenants,but has only an undivided interest that will pass to his or her heirs upon death.

References in periodicals archive ?
031(1)(a) divides the application of the $25,000 exemption of co-owned property into two categories: 1) property that is owned as tenants by the entirety or joint tenants with right of survivorship, and 2) all other types of co-owned property.
Conversely, in a joint tenancy with right of survivorship, each person has only his or her separate share ("per my") presumed to be equal for purposes of alienation, but for purposes of survivorship, each joint tenant owns the whole, so that upon death, the remainder of the estate passes to the survivor.
When you are the sole owner of assets and you "gift" these assets to family members by transferring the assets into joint ownership with right of survivorship, a "deemed disposition" may result and the income tax attribution rules may come into play.
One solution to this dilemma has been for couples to take title as joint tenants with right of survivorship, but then have an acknowledgment--usually inside a trust or will--stating their intention that the property remain a community" asset, regardless of the form of title.
Since jointly owned property with right of survivorship (or tenancy by the entirety) is generally not considered part of the decedent's probate estate, many people have the erroneous notion that the value of such property is not includable in the decedent's gross estate for Federal estate tax purposes.
Prior to the death of either spouse, the right of survivorship may be terminated pursuant to the same procedures by which a joint tenancy may be severed.
They own a $350,000 house as tenants by the entirety and $150,000 in miscellaneous assets as joint tenants with right of survivorship.
6) Property held in joint tenancy with right of survivorship, or as tenants by the entirety if created after August 31, 1966.
Married couples or those in civil partnership often use this method of co-ownership because the right of survivorship makes it straightforward to inherit each other's share.
Estate of Young, 110 TC 297 (1998), addressed whether discounts for fractional interests or lack of marketability (which have been allowed for tenancy in common and community property interests) should be applied to a decedent's property held in joint tenancy with right of survivorship.
In addition, the joint tenancy form of ownership confers on the surviving joint tenant the right of survivorship, provided the instrument creating the joint tenancy expressly provides for it.
Married couples or those in civil partnership use this method of co-ownership because the right of survivorship makes it straightforward to inherit each other's shares in the property.