right 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.

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.

References in periodicals archive ?
(26) Joint tenancy has always included the right of survivorship, which at the death of one of the tenants allowed the property to pass to the other joint tenants, rather than to the decedent's heirs.
[section] 196.031 specifically permits co-owners of property held as tenants by the entirety or as joint tenants with right of survivorship to use the entire $25,000 tax exemption and does not limit to an owner's proportionate interest.
In some states, a joint tenancy with right of survivorship between spouses is called a tenancy by the entirety.
right of survivorship. However, tenancies by the entirety differ in two
Since titling property as "joint tenants with right of survivorship" is a powerful tool to avoid probate, several additional considerations are noteworthy.
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.
Property that is excluded includes that held in joint tenancy with right of survivorship, or tenancy by the entirety, your spouse's one half of the community property, property held in a living trust and life insurance and retirement plan proceeds.
A 1987 constitutional amendment makes it possible for spouses to hold community property as joint tenants with right of survivorship, without first having to partition community property into separate property and then convert the separate property into survivorship joint tenancy (the old Texas two-step).
Other types of property held jointly with right of survivorship also bypass the will.
Joint ownership with right of survivorship may serve to avoid probate, but there are certain to be assets not jointly owned.
If you had the right of survivorship, you became full owner automatically when your mother died.
Unlike other jurisdictions, the UAE does not practice 'right of survivorship' (property passing on to a surviving joint owner upon death of the other, as would be the case in Commonwealth jurisdictions), and the local courts will need to make the final decisions on property ownership.