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Many people hold real estate, bank accounts, motor vehicles and other property (stocks, bonds, etc.) in joint names with the right of survivorship. Upon the death of the first joint tenant, the surviving joint tenant (co-owner) receives the property.
Unlike some states, Delaware does not currently allow the use of TOD deeds for real estate. Instead, other instruments such as joint tenancy or revocable living trusts are typically used to avoid probate when transferring real estate upon death.
Section 3343 - Authority to allocate trustee duties among multiple trustees (a) The power to appoint a successor trustee under a governing instrument shall be deemed to include the power to appoint multiple successor trustees.
In Delaware in the absence of a will, the share of a surviving spouse depends on whether there are also surviving children or parents of the decedent. If there are neither, the surviving spouse inherits the entire estate.
In joint names with the right of survivorship. Upon the death of the first joint tenant, the surviving joint tenant (co-owner) receives the property. This will happen regardless of any contra ry language in any Will and without the application of the intestate succession law if no Will exists.
(a) Where 1 or more persons are given authority by the terms of a governing instrument to direct, consent to or disapprove a fiduciary's actual or proposed investment decisions, distribution decisions or other decision of the fiduciary, such persons shall be considered to be advisers and fiduciaries when exercising ...
Delaware, as with many other states, recognizes joint tenancy. Property owner joint tenancy will automatically pass to the surviving owner or owners when one owner passes away. In Delaware, each owner of the property, called a joint tenant, owns an equal share of the property.