Define: Benefit Of Survivorship

The benefit of survivorship is that it allows property to pass directly to the surviving joint owner(s) upon the death of one owner, without the need for probate.

Survivorship is a legal arrangement commonly used in joint ownership situations, such as joint tenancy or tenancy by the entirety. When one owner dies, their share automatically transfers to the surviving owner(s) without the need for a will or probate.

No, survivorship is typically available for real property, such as houses or land, and certain financial assets like joint bank accounts or investment accounts. However, it may not be applicable to personal property or assets held in certain types of trusts.

Yes, survivorship can be revoked if all joint owners agree to terminate the arrangement. This can be done through a legal process, such as executing a new deed or agreement that removes the survivorship provision.

If there are multiple joint owners and one dies, the deceased owner’s share will be divided equally among the surviving owners. For example, if there were three joint owners and one dies, the remaining two owners would each receive a one-half interest in the property.

No, survivorship generally takes precedence over a will. If a property is held in joint tenancy with survivorship rights, the property will pass to the surviving owner(s) regardless of what the deceased owner’s will states.

In some cases, survivorship may have tax implications. For example, if the property has appreciated in value, the surviving owner(s) may be subject to capital gains tax upon selling the property. It is advisable to consult with a tax professional for specific guidance.

Yes, survivorship can be established after the property is purchased through a legal process known as a “quitclaim deed.” This deed transfers an owner’s interest in the property to themselves and another person(s) as joint tenants with survivorship rights.

Survivorship can be challenged in court under certain circumstances, such as if there is evidence of fraud, undue influence, or lack of capacity when the survivorship arrangement was established. It is recommended to consult with an attorney if you believe there are grounds to challenge survivorship.

No, survivorship and beneficiary designations are different. Survivorship applies to joint ownership situations, while beneficiary designations are typically used for assets like life insurance policies, retirement accounts, or payable-on-death bank accounts.