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 ?
26) Joint tenancy has always included the right of survivorship, which at the death of one of the tenants allowed the property to pass to the other joint tenants, rather than to the decedent's heirs.
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.
For property held jointly with right of survivorship (JTWROS), the survivor generally gets a basis step up for half of the asset value.
There may be negative tax consequences when an interest passes through right of survivorship.
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.
If most property is held by a husband and wife in joint title with right of survivorship, the "A" trust could be overqualified and there may not be $3,500,000 of other property available to place in the "B" trust.
Include both your names on the account title with the phrase "Joint Tenancy Right of Survivorship.
TE is a form of property ownership available only to a husband and wife as a marital unit; a key feature is the right of survivorship (i.
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.
A WHERE you own property with another person who has died, in most cases the survivor of the two joint owners is entitled to the whole of the property by right of survivorship.
The most marked characteristic of this type ownership is the 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.