Survivorship Surviving Status

Joint Tenancy With Right of Survivorship Property owned in joint tenancy automatically passes, without probate, to the surviving owner(s) when one owner dies. Joint tenancy often works well when couples (married or not) acquire real estate, vehicles, bank accounts, securities, or other valuable property together.

In order to sever the right of survivorship, a tenant must only record a new deed showing that his or her interest in the title is now held in a Tenancy-in-Common or as Community Property.

Property held in joint tenancy, tenancy by the entirety, or community property with right of survivorship automatically passes to the survivor when one of the original owners dies. Real estate, bank accounts, vehicles, and investments can all pass this way. No probate is necessary to transfer ownership of the property.

This is known as 'Severing the Joint Tenancy'. It requires service of a written notice of change the 'severance'. It can be done without the other owner's cooperation or agreement. It is recorded at the Land Registry, and the other owner will know it has been done but only 'after the event' so to speak.

Property that is jointly owned by both spouses; and on the death of one spouse their 1/2 share will pass directly to the other spouse without going through probate. For example, Husband and Wife own a house in a community property state.

Right of survivorship refers to the right of the surviving party (usually a husband or wife) to take over their deceased partner's interest in a property that they owned equal interest in without having to go through probate.An exception in a Survivorship Deed means anything that may limit the title of property.

The right of survivorship is an attribute of several types of joint ownership of property, most notably joint tenancy and tenancy in common. When jointly owned property includes a right of survivorship, the surviving owner automatically absorbs a dying owner's share of the property.

In 1995, the Arizona legislature made the disadvantage to community property disappear they created a concept of community property with right of survivorship. That means a married couple can have it all: they can get the full stepped-up basis for income tax purposes, but avoid probate, on the first spouse's death.

Survivorship rights take precedence over any contrary terms in a person's will because property subject to rights of survivorship is not legally part of their estate at death and so cannot be distributed through a will.