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LEGAL DICTIONARY

Right of Survivorship

What Is the Right of Survivorship?

The right of survivorship describes the legal right of a joint property owner to claim the entire property after the death of another joint tenant.

This powerful right, which can override other inheritance claims, is recognized in all states in the United States. However, property owners must claim the right of survivorship in order for it to be in effect.

How Does Right of Survivorship Work?

Under the right of survivorship, each tenant holds an undivided interest in the entire estate. Property owners can claim this privilege by declaring joint tenancy with the right of survivorship (JTWROS) when registering a land title or when transferring a land title with a survivorship deed.

In many states, you can declare the right of survivorship by including JTWROS on the title after the tenants’ names. However, the laws concerning joint tenancy and the right of survivorship can vary according to the state of residence.

What Are the Benefits of the Right of Survivorship?

The primary right of survivorship benefit is that property does not have to go through the lengthy probate process after one tenant does. The surviving tenant automatically acquires the deceased tenant’s portion.

Tenants cannot transfer their interest in the joint tenancy. If you are a joint tenant and decide to sell your interest in the property, the joint tenancy ends.

The right of survivorship applies to residential or commercial property, including but not limited to the following:

  • Single-family home
  • Duplex
  • Townhouse
  • Condominium
  • Apartment
  • Parcel of land
  • Farm

The Right of Survivorship vs. a Will

In most cases, the right of survivorship prevents a deceased property owner’s share in the property from passing to heirs.

However, if the right of survivorship has not been claimed, the deceased joint tenant’s share might be subject to directions contained in that person’s last will and testament. Once again, state laws can vary on this matter.

Tenancy In Common vs. Joint Tenancy

Tenancy in common and joint tenancy are both forms of property co-ownership. However, there are some key differences between the two.

Tenancy in common usually refers to situations when property ownership is not distributed equally and co-owners are not related to each other. On the other hand, in a joint tenancy, two or more parties have equal shares in the property, and the tenants are often in a domestic partnership.

The most significant difference concerns survivors’ rights. In a tenancy in common, there is no right of survivorship. The ownership does not automatically pass to the surviving owners. Instead, the property is part of the deceased owner’s estate.

Which form of conveyance is right for you depends on your situation. Your decision whether or not to enter into a joint tenancy or a tenancy in common depends on the goals of your estate plan. Some people consult an attorney or financial planner when making these decisions, but it is not necessary.

Start a Quitclaim Deed Now

Helpful Resources:

Cornell Law - Right of Survivorship

Rocket Mortgage - Community Property With Right Of Survivorship

What Is the Right of Survivorship?

The right of survivorship describes the legal right of a joint property owner to claim the entire property after the death of another joint tenant.

This powerful right, which can override other inheritance claims, is recognized in all states in the United States. However, property owners must claim the right of survivorship in order for it to be in effect.

How Does Right of Survivorship Work?

Under the right of survivorship, each tenant holds an undivided interest in the entire estate. Property owners can claim this privilege by declaring joint tenancy with the right of survivorship (JTWROS) when registering a land title or when transferring a land title with a survivorship deed.

In many states, you can declare the right of survivorship by including JTWROS on the title after the tenants’ names. However, the laws concerning joint tenancy and the right of survivorship can vary according to the state of residence.

What Are the Benefits of the Right of Survivorship?

The primary right of survivorship benefit is that property does not have to go through the lengthy probate process after one tenant does. The surviving tenant automatically acquires the deceased tenant’s portion.

Tenants cannot transfer their interest in the joint tenancy. If you are a joint tenant and decide to sell your interest in the property, the joint tenancy ends.

The right of survivorship applies to residential or commercial property, including but not limited to the following:

  • Single-family home
  • Duplex
  • Townhouse
  • Condominium
  • Apartment
  • Parcel of land
  • Farm

The Right of Survivorship vs. a Will

In most cases, the right of survivorship prevents a deceased property owner’s share in the property from passing to heirs.

However, if the right of survivorship has not been claimed, the deceased joint tenant’s share might be subject to directions contained in that person’s last will and testament. Once again, state laws can vary on this matter.

Tenancy In Common vs. Joint Tenancy

Tenancy in common and joint tenancy are both forms of property co-ownership. However, there are some key differences between the two.

Tenancy in common usually refers to situations when property ownership is not distributed equally and co-owners are not related to each other. On the other hand, in a joint tenancy, two or more parties have equal shares in the property, and the tenants are often in a domestic partnership.

The most significant difference concerns survivors’ rights. In a tenancy in common, there is no right of survivorship. The ownership does not automatically pass to the surviving owners. Instead, the property is part of the deceased owner’s estate.

Which form of conveyance is right for you depends on your situation. Your decision whether or not to enter into a joint tenancy or a tenancy in common depends on the goals of your estate plan. Some people consult an attorney or financial planner when making these decisions, but it is not necessary.

Start a Quitclaim Deed Now

Helpful Resources:

Cornell Law - Right of Survivorship

Rocket Mortgage - Community Property With Right Of Survivorship