Definition
The right of survivorship is a legal mechanism whereby the interest of a deceased joint owner of property automatically transfers to the surviving joint owner(s). It is a distinguishing feature of specific forms of co-ownership such as joint tenancy and tenancy by the entirety. This right bypasses the necessity of probate, allowing for a smoother and faster transition of property titles.
Examples
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Joint Tenancy: Jack and Jill purchase a home as joint tenants. If Jack dies, Jill automatically becomes the sole owner of the home due to the right of survivorship.
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Tenancy by the Entirety: Married couple Alice and Bob own a piece of land as tenants by the entirety. When Alice passes away, Bob automatically inherits Alice’s share of the property, making him the sole owner.
Frequently Asked Questions (FAQs)
What is the primary benefit of the right of survivorship?
The main advantage is that it allows the property to transfer directly to the surviving owner without going through the probate process, saving time and legal fees.
Can the right of survivorship be challenged?
In general, the right of survivorship is difficult to contest because it is well established in the title documentation and by law. However, disputes can arise if there are errors in the property title or if there is a question about the legality of the initial ownership agreement.
How can joint tenants ensure the right of survivorship?
Joint tenants must ensure that their ownership agreement includes the correct language and legal provisions that stipulate the right of survivorship. Consulting with a legal professional when drafting these documents is advisable.
The right of survivorship can be applied to community property with the inclusion of a survivorship agreement specific to community property laws in those states.
Does the right of survivorship apply to all types of property?
The right of survivorship typically applies to real estate, but can also apply to joint bank accounts, stocks, bonds, and other investments held jointly with rights of survivorship.
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Joint Tenancy: A form of co-ownership where two or more people own property jointly, with the right of survivorship.
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Tenancy by the Entirety: A form of co-ownership available only to married couples, which includes a right of survivorship.
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Probate: The legal process of administering the estate of a deceased person.
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Community Property: Property owned jointly by a married couple in certain states.
Online References
- Investopedia - Right of Survivorship
- Nolo - Joint Tenancy
- HG.org - Tenancy by the Entirety
Suggested Books for Further Studies
- “Principles of Real Estate Practice” by Stephen Mettling, David Cusic, Jane Somers
- “The Law of Real Property” by Richard R. Powell
- “Real Estate Law” by Robert J. Aalberts
- “Modern Real Estate Practice” by Fillmore W. Galaty, Wellington J. Allaway, Robert C. Kyle
Fundamentals of Right of Survivorship: Real Estate Law Basics Quiz
### What occurs when one joint tenant dies if the property has a right of survivorship?
- [x] The surviving joint tenant(s) automatically inherit the deceased's interest.
- [ ] The property must go through probate court.
- [ ] The property interest of the deceased is distributed according to their will.
- [ ] The property is sold, and proceeds are divided among all co-owners.
> **Explanation:** With the right of survivorship, the property interest automatically transfers to the surviving joint tenant(s), bypassing probate.
### Can a right of survivorship be included in any form of property ownership?
- [ ] Yes, it can be included in all forms of property ownership.
- [x] No, it is specific to forms like joint tenancy and tenancy by the entirety.
- [ ] Only in joint bank accounts.
- [ ] Only for real estate properties.
> **Explanation:** The right of survivorship is specific to certain forms of property ownership such as joint tenancy and tenancy by the entirety, not all forms.
### Which form of co-ownership is primarily associated with married couples and includes a right of survivorship?
- [ ] Joint Tenancy
- [x] Tenancy by the Entirety
- [ ] Tenancy in Common
- [ ] Sole Ownership
> **Explanation:** Tenancy by the entirety is a form of co-ownership available exclusively to married couples, including a right of survivorship.
### What is the primary benefit of having a right of survivorship?
- [ ] Reducing property taxes
- [x] Avoiding the probate process
- [ ] Multiplying estate value
- [ ] Increasing joint ownership duration
> **Explanation:** The primary benefit is avoiding the probate process, which allows for faster and less costly transfer of property ownership.
### Joint Tenancy must include which specific feature for the right of survivorship to be effective?
- [ ] A joint will
- [ ] An equal split of all expenses
- [x] The explicit clause of right of survivorship
- [ ] A shared bank account
> **Explanation:** Joint Tenancy must explicitly include the clause of right of survivorship to ensure the property interest automatically transfers to surviving co-owner(s).
### How can a couple ensure their property is governed by the right of survivorship?
- [x] Title the property as joint tenants or tenants by the entirety.
- [ ] Include a survivorship clause in their wills.
- [ ] Open a mutual bank account.
- [ ] Frequently update their deeds.
> **Explanation:** Titling the property as joint tenants or tenants by the entirety incorporates the right of survivorship directly into the ownership arrangement.
### Does the right of survivorship apply automatically to tenants in common?
- [ ] Yes, it applies automatically.
- [x] No, tenants in common do not have a right of survivorship.
- [ ] Only if stipulated in their agreement.
- [ ] Only under community property laws.
> **Explanation:** Tenants in common do not possess a right of survivorship as the shares of the deceased owner pass to their heirs rather than the surviving co-owners.
### What is the main difference between joint tenancy and tenancy by the entirety?
- [ ] Joint tenancy is for businesses, tenancy by the entirety is for individuals.
- [x] Joint tenancy is for any joint owners, tenancy by the entirety is for married couples.
- [ ] Tenancy by the entirety involves a commercial relationship.
- [ ] Joint tenancy doesn't include survivorship rights.
> **Explanation:** The fundamental difference lies in the relationships; tenancy by the entirety is specifically for married couples while joint tenancy can involve any joint owners.
### Why is the right of survivorship advantageous in estate planning?
- [ ] It increases the property's market value.
- [ ] It allows early property sale.
- [x] It bypasses the lengthy probate process.
- [ ] It avoids all future property taxes.
> **Explanation:** The largest advantage is bypassing the probate process, enabling a swift and efficient transfer of property upon the death of an owner.
### In community property states, how can married couples ensure the right of survivorship?
- [ ] By getting a joint mortgage.
- [x] By including a community property with the right of survivorship agreement.
- [ ] Only through joint tenancy.
- [ ] It is automatically applied.
> **Explanation:** In community property states, married couples can implement the right of survivorship by creating a specific agreement that adheres to community property laws.
Thank you for exploring our comprehensive overview of the right of survivorship and engaging with our challenging quiz. Your commitment to understanding real estate law is commendable!
