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.
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 ?
Unlike joint ownership with rights of survivorship, both tenants in a tenancy by the entirety must agree to a transfer of the property interest.
For those clients who have securities accounts, the rides regarding joint accounts with rights of survivorship still apply; that is, the securities pass directly to the surviving accountholder without probate.
Whether spouses own property titled "joint with rights of survivorship" or as "tenants by the entirety," the rules pertaining to the survivor's basis are the same; thus, in this article, spousal joint with rights of survivorship will be treated as synonymous with tenancies by the entirety.
1981) (The court held the surviving spouse's elective share did not extend to joint savings accounts with rights of survivorship decedent had established in the names of himself and his daughter because such property was not subject to administration.)
For example, many stock brokerage accounts are titled as joint tenants with rights of survivorship (JTWROS).
Joint tenancy with rights of survivorship (JTROS) is a popular format in which to hold real property.
Generally, there are no gift tax consequences upon the creation of a joint tenancy between spouses (either as a tenancy by the entireties (TBE) or as a joint tenancy with rights of survivorship (JTWROS)) because of the unlimited marital deduction.[1] This may not be true if the donee spouse is not a United States citizen because the gift tax marital deduction is not available for gifts made to a noncitizen spouse.[2] While the gift tax marital deduction is disallowed when a gift is made to a noncitizen spouse, the annual exclusion is increased from $10,000 to $100,000 for such gifts.[3]
a) Totten trust accounts and joint bank accounts with rights of survivorship, and joint tenancies with rights of survivorship are testamentary substitutes whether created before or after the decedent's marriage.
However, recent cases from the Second and Third district courts of appeal have held that the ownership interests of joint account owners in funds held as joint tenants with rights of survivorship (JTWROS) survive their withdrawal, under certain circumstances, by one of the other account owners.