Rights 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.

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 ?
Under rights of survivorship, the surviving co-owner automatically inherits full ownership of the property; whereas as tenants in common, each owner retains the right to name a different inheritor in his or her will.
Under this form of joint tenancy each co-owner has a fractional, divisible interest in the property (i.e., it is the opposite of joint tenancy with rights of survivorship).
* The decedent's fractional interest in property held by the decedent in joint tenancy with rights of survivorship with a nonspouse;
In general, property is owned outright, as tenants in common, as joint tenants with rights of survivorship, or as community property (in some states, such as California, including community property with right of survivorship).
rights of survivorship, but not of current possession.
Many stock brokerage accounts are registered as joint tenants with rights of survivorship. This title results in the immediate transfer of the account to the surviving joint owner upon the death of the other tenant.
In all cases, clients should be advised to establish a joint deposit account (A and/or B as account holders) with rights of survivorship. Under Florida law, funds held in such accounts pass directly to the surviving accountholder upon the death of any accountholder, without probate.
Experts often recommend that unmarried partners own a home or other property as joint tenants with rights of survivorship, though this can be a problem if they don't have a long-term commitment.
The three common forms of joint tenancies are: tenancy in common, joint with rights of survivorship and tenancies by the entirety.
The most important step is to not rely on a regular will--which still exposes them to probate--or a rights of survivorship deed, which simply delays probate until the surviving spouse dies.
If the client is buying the property with co-investors other than a spouse, it will be necessary to work out whether it's being held with rights of survivorship -- in which the remaining co-owners automatically inherit the decedent's share -- or as tenants in common, meaning the decedent names who inherits his or her share of the property.
(3) Unless passed by joint tenancy with rights of survivorship or beneficiary designation, these assets will likely be distributed through the probate process under the state intestacy statutes.