Rights of survivorship

(redirected from With Rights Of Survivorship)
Also found in: Acronyms.

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 ?
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.
On the other hand, if the property is held "joint with rights of survivorship," when one joint owner dies the other joint owner (or owners) takes the decedent's interest by operation of law.
They own a hunting cabin together with the deed containing the words "joint with rights of survivorship.
Joint tenancy with rights of survivorship (JTROS) is a popular format in which to hold real property.
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.
This judgment was based on the trial court's instruction to the jury, which in turn was based on the Medley decision, that if the couple had created joint accounts with rights of survivorship, then the transferred funds could be recovered from the third parties.
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.
obligations held jointly with rights of survivorship or as tenants by the entirety are testamentary substitutes.
For example, the testator may wish that family heirlooms, interests in a pension plan, life insurance proceeds, or jointly held property with rights of survivorship pass free of any death tax burden.