Definition
Survivorship is the right of a surviving joint tenant to automatically inherit the share of a deceased joint tenant in jointly owned property. This right is inherent in forms of co-ownership called joint tenancy or tenancy by the entirety. When a property is held in joint tenancy, the entire interest in the property passes directly to the surviving joint tenant(s) upon the death of one tenant without having to go through probate. Survivorship effectively prevents the heirs of the deceased tenant from making any claims to the property.
Examples
Real Estate
Two siblings, John and Jane, own a house as joint tenants. Upon John’s death, Jane automatically becomes the sole owner of the property through the right of survivorship, meaning John’s heirs have no claim to the house.
Joint Bank Accounts
If two friends, Alice and Bob, hold a joint bank account and Alice dies, Bob gains ownership of the entire account balance through the right of survivorship. This ensures that Alice’s heirs cannot lay claim to the funds within the account.
Investment Accounts
Chris and Dana own a joint investment account. When Dana dies, Chris retains full control and ownership of the investment account automatically due to the right of survivorship, bypassing any potential claims from Dana’s heirs.
Frequently Asked Questions (FAQs)
What is the difference between joint tenancy and tenancy in common?
- Joint Tenancy includes the right of survivorship while tenancy in common does not. In tenancy in common, the deceased tenant’s share passes to their heirs according to their will or state law.
Can survivorship be challenged?
- Generally, the right of survivorship is definitive and supersedes claims from heirs. However, challenges may arise in cases of fraud, undue influence, or documentation errors.
Does survivorship apply to all types of property?
- Survivorship commonly applies to real property, joint bank accounts, and specific financial accounts. It does not apply to tenancy in common or individual ownership property types.
How does one establish a property with right of survivorship?
- To establish a joint tenancy with right of survivorship, co-owners need to explicitly specify this in the property deed or account documentation at the time of acquisition.
Is probate necessary for jointly owned property with right of survivorship?
- No, probate is not required for property with a right of survivorship since ownership transfers automatically upon the death of one tenant.
Related Terms
Joint Tenancy
A property jointly owned by two or more parties, with each party having an equal share and the right of survivorship.
Tenancy by the Entirety
A form of joint tenancy only available to married couples that includes the right of survivorship.
Tenancy in Common
A form of co-ownership where each tenant holds an individual share which can be bequeathed to heirs rather than passed to surviving co-tenants.
Online Resources
Suggested Books for Further Studies
- “Real Estate Law” by Marianne M. Jennings
- “The Complete Guide to Joint Property Ownership” by Emily Chase Smith
- “Principles of Property Law” by Herbert Hovenkamp
Fundamentals of Survivorship: Real Estate Law Basics Quiz
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