Define: Survivorship

Survivorship refers to the legal principle that when one joint owner of a property or asset passes away, their share automatically transfers to the surviving owner(s) without the need for probate.

Survivorship works by establishing joint ownership with rights of survivorship (JTWROS) or tenancy by the entirety (TBE) in the property or asset. When one owner dies, their share automatically passes to the surviving owner(s) by operation of law.

Survivorship can be established in various types of property, including real estate, bank accounts, investment accounts, and vehicles, among others. However, not all states recognize survivorship for all types of assets, so it is important to consult local laws.

No, survivorship cannot be established through a will. It is a separate legal concept that requires specific language and ownership arrangements during the lifetime of the owners.

Yes, survivorship can be revoked or changed if all joint owners agree to do so. This typically requires executing a new deed or document that removes the survivorship rights and establishes a different form of ownership.

If there are multiple joint owners and one of them 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, each surviving owner would then own one-third of the property.

Yes, survivorship can be established between non-spouses, such as business partners or family members. However, the specific requirements and legal implications may vary depending on the jurisdiction.

No, survivorship is different from a beneficiary designation. While both involve the transfer of assets upon death, survivorship applies to joint ownership during the lifetime of the owners, whereas beneficiary designations typically apply to individual ownership and are specified in a will or other legal document.

In certain circumstances, survivorship can be challenged in court. For example, if there is evidence of fraud, undue influence, or lack of capacity when establishing survivorship, a court may invalidate the arrangement. It is advisable to consult with an attorney if you believe there are grounds to challenge survivorship.

If there is no survivorship established, the deceased owner’s share of the property or asset will typically pass through their estate and be distributed according to their will or the laws of intestacy if there is no will. This may involve the probate process and can be more time-consuming and costly compared to survivorship.