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right of survivorship

   Also found in: Legal, Acronyms 0.01 sec.
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.



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If you held title as John Smith and Jane Smith, husband and wife, as joint tenants, you do have the right of survivorship and all that is normally required at the death of the first spouse is to have a certified copy of the death certificate recorded.
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.
more officially known as the right of survivorship.
 
 
 
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