This type of deed warrants that the grantor is the lawful owner of the property at the time the deed is made and delivered and that the grantor has the right to convey the property. This form is used to convey property to more than one grantee jointly for their successive lives, with the remainder to vest in the last survivor of them. The form is available in both word and word perfect formats.
Alabama Three-Way Survivorship Deed
Category:
State:
Alabama
Control #:
AL-005-13-CP
Format:
Word;
Rich Text
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What Is a Three Way Survivorship Deed?
A three way survivorship deed, commonly referred to as a joint tenancy with right of survivorship among three parties, is a legal document that defines how property is shared and transferred among three owners. When one of the joint tenants passes away, their interest in the property automatically transfers to the surviving tenants, without the need for probate.
Key Concepts & Definitions
- Surviving Spouse: The spouse who survives the other in the case of a married couple owning property together under a survivorship deed.
- Real Estate: Property consisting of land or buildings.
- Joint Tenants: Two or more parties who own property together with equal rights.
- Right of Survivorship: A legal rule that allows the surviving joint tenant(s) to automatically absorb a deceased tenant's share of the property.
- Estate Planning: The process of arranging for the disposal of an individual's estate.
- Community Property: A form of ownership by a married couple during their marriage that they intend to own together.
Step-by-Step Guide on Creating a Three Way Survivorship Deed
- Consult with an estate planning attorney to ensure this is the best choice for your situation.
- Determine the parties involved and confirm that all are in agreement to establish a joint tenancy with the right of survivorship.
- Prepare the deed including all necessary legal descriptions of the property.
- Have all parties sign the deed in the presence of a notary public.
- Record the deed at the local recorder's office to make it legally binding and enforceable.
Risk Analysis of Three Way Survivorship Deeds
While a three way survivorship deed simplifies the transfer of property upon death, risks include potential disputes between remaining tenants, issues arising from unequal investment in the property (like mortgage payments or maintenance), and complications should one tenant wish to dissolve the joint tenancy.
Pros & Cons of Three Way Survivorship Deeds
- Pros:
- Avoids probate process for the property listed under the deed.
- Facilitates an easy transfer of property rights to the surviving owners.
- Can help ensure property stays within a family or close group.
- Cons:
- Cannot be altered without the consent of all parties.
- Limited control over individual shares in the property.
- Potential for conflicts among co-owners regarding property management or investment.
FAQ
- Can a survivorship deed be contested? Yes, like any legal document, it can be contested, especially if there are claims of undue influence or incapacity at the time of signing.
- Are survivorship deeds applicable to other assets besides real estate? Generally, survivorship deeds are specific to real estate property.
- What happens if a co-owner wants out of a three way survivorship deed? All co-owners must agree to modify the deed, or the co-owner wishing to exit must sell their interest to the remaining co-owners or an outside party with agreement from current owners.
Key Takeaways
Three way survivorship deeds represent a critical tool in estate planning tailored to simplify the process of property transfer upon death, ensuring clarity and ease for the surviving owners. However, they must be set up correctly and agreed upon by all parties involved to effectively serve their purpose.
How to fill out Alabama Three-Way Survivorship Deed?
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FAQ
What Is the Difference Between a Warranty Deed & a Survivorship Deed?A warranty deed is the most comprehensive and provides the most guarantees. Survivorship isn't so much a deed as a title. It's a way to co-own property where, upon the death of one owner, ownership automatically passes to the survivor.
Adding someone to your house deed requires the filing of a legal form known as a quitclaim deed. When executed and notarized, the quitclaim deed legally overrides the current deed to your home. By filing the quitclaim deed, you can add someone to the title of your home, in effect transferring a share of ownership.
Six people can be on title. It can cause a lot of problems when it comes time to sell though. If even one of the six won't sign, you have a problem. They can sign at different times and from different locations depending on the closing attorney or escrow company.
The General Rule. In the great majority of states, if you and the other owners call yourselves "joint tenants with the right of survivorship," or put the abbreviation "JT WROS" after your names on the title document, you create a joint tenancy. A car salesman or bank staffer may assure you that other words are enough.
Adding someone to your house deed requires the filing of a legal form known as a quitclaim deed. When executed and notarized, the quitclaim deed legally overrides the current deed to your home. By filing the quitclaim deed, you can add someone to the title of your home, in effect transferring a share of ownership.
To hold a real estate property in joint tenancy, you and the co-owners have to write the abbreviation for joint tenants with the right of survivorship, or JTWROS, on the official real estate deed or title. This creates a legally binding joint tenancy.
A Survivorship Deed transfers residential or commercial property from one property owner (the grantor) to another (the grantee) while allowing them to avoid going through probate when they (the grantor) passes away. The parties transferring property in a Survivorship Deed must have full ownership of the property.
If you own property jointly with someone else, and this ownership includes the "right of survivorship," then the surviving owner automatically owns the property when the other owner dies.In Alabama, this form of joint ownership is available: Joint tenancy.