Rights of survivorship

(redirected from With Right of Survivorship)

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.

Rights of survivorship.

If two or more people own property jointly with rights of survivorship and one of the owners should die, the deceased owner's share of the property automatically passes to the surviving owners.

This arrangement for joint ownership is in contrast to the arrangement known as tenants-in-common, in which a deceased owner's share becomes part of his or her estate and can be sold or distributed to heirs according to the terms of his or her will.

Couples who own their own home jointly often opt for right of survivorship to allow the surviving partner to enjoy full ownership rights to their home.

References in periodicals archive ?
Example 1: The principal residence of Walt and Vera Young is titled as joint tenants with right of survivorship (JTWROS).
But because they are a same-sex married couple and because Florida is a 'non-recognition state,' if they want the title to the property to contain a survivorship element (and they do), they are required to take title as 'joint tenants with right of survivorship.
citizens with all their assets titled as joint tenants with right of survivorship, and their net worth is $10 million.
This article examines the effects of owning property as tenants by the entirety, tenants in common, joint tenants with right of survivorship, and with life estates.
For federal estate tax purposes, joint tenancy with right of survivorship does not necessarily prevent all or any of the property from inclusion in the federal gross estate upon the death of a joint owner.
Another form of co-ownership of property is a joint tenancy with right of survivorship.
William Biggers and Linda Crook, brother and sister, inherited a piece of real property upon the death of their mother, taking the property as joint tenants with right of survivorship.
Property owned jointly with right of survivorship passes to the survivor or survivors by operation of law when a joint tenant dies.
ERTA amended the definition of a qualified joint interest under IRC section 2040(b)(2) to include any interest in property held by the decedent and the decedent's spouse as either tenants by the entirety or joint tenants with right of survivorship.
If property is held with another person in joint ownership with right of survivorship, the property will pass to the survivor by operation of law and not through the will; the jointly held asset never forms part of the first joint owner's estate.
Property owned as joint tenants with right of survivorship is not treated the same and one tenant's interest in such property generally may be reached by his or her creditors, perhaps through partition of the debtor's interest.
One of the most troubling areas in estate planning is the treatment of property owned as joint tenancy with right of survivorship (JTWROS) and tenancy by the entirety.