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 ?
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.
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.
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.
Property that is excluded includes that held in joint tenancy with right of survivorship, or tenancy by the entirety, your spouse's one half of the community property, property held in a living trust and life insurance and retirement plan proceeds.
A 1987 constitutional amendment makes it possible for spouses to hold community property as joint tenants with right of survivorship, without first having to partition community property into separate property and then convert the separate property into survivorship joint tenancy (the old Texas two-step).
Other types of property held jointly with right of survivorship also bypass the will.
It was questionable at common law whether a joint tenancy with right of survivorship or a tenancy by the entirety could be created by a conveyance from the owner to the owner and another.
Like so many things, community property with right of survivorship is another tool in the tool box that estate planning attorneys have at their disposal.
The property was held jointly with right of survivorship.