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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.
References in periodicals archive ?
She and I were joint tenants with right of survivorship. I never had the deed brought up-to-date, and I am unable to locate the deed.
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.
Are 'Joint Tenancy with Right of Survivorship' and 'Community Property' the Same Thing?
Where the property is owned in joint tenancy with right of survivorship, each joint tenant has an undivided interest in the entire property.
For example, Dad leaves a vacation home to his three children, Tom, Ann, and Rita, as joint tenants with right of survivorship. Ann dies first.
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. The parties agreed that Biggers would live on the property, maintain the home, and pay the taxes.
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).
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. It eliminated the requirement that a gift be created in order for the joint interest to qualify.
When you are the sole owner of assets and you "gift" these assets to family members by transferring the assets into joint ownership with right of survivorship, a "deemed disposition" may result and the income tax attribution rules may come into play.
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.