Definition for right of survivorship refers to a legal concept that grants certain individuals the automatic and exclusive ownership of a deceased person's property, assets, or rights upon their death. It is commonly associated with joint ownership arrangements such as joint tenancy or tenancy by the entirety, where co-owners have the right to survivorship. In a joint tenancy, the right of survivorship ensures that when one co-owner passes away, their share of the property automatically transfers to the surviving co-owner(s) without the need for probate or a will. This allows for a seamless transition of ownership and avoids the property becoming part of the deceased's estate. Similarly, tenancy by the entirety grants the right of survivorship to married couples who jointly own property. If one spouse dies, their share automatically passes to the surviving spouse, ensuring the property remains within the family unit without going through the probate process. The right of survivorship serves as a protective mechanism for co-owners, ensuring that their interests are safeguarded even after death. It eliminates the need for lengthy legal procedures and provides a straightforward means of transferring ownership. Keywords: right of survivorship, legal concept, ownership, joint ownership, property, assets, rights, deceased person, joint tenancy, tenancy by the entirety, co-owners, probate, will, seamless transition, estate, married couples, protective mechanism, safeguarded, legal procedures, transferring ownership.
Definition For Right Of Survivorship
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