Indiana Deed (Including Acceptance of Community Property with Right of Survivorship)
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FAQ
There are two types of tenancies that possess the right of survivorship: joint tenancy and tenancy by the entirety.
A joint tenancy carries with it a right of survivorship. This means that upon a joint tenant's death, the deceased joint tenant's interest in the property held in joint tenancy vests in his or her surviving joint tenant(s), automatically by operation of law.
Co-tenancy or joint tenancy is a concept in property law that is used to describe the various ways that a piece of property can be owned by two or more people at the same time. A JTWROS is one version of co-tenancy that gives co-owners equal rights to the asset in addition to the right of survivorship.
Community property with right of survivorship is a legal distinction that allows two spouses to equally share assets through marriage as well as pass on assets to the other spouse upon death without going through probate.
Community property with the right of survivorship is an agreement where, after the death of a spouse, ownership of the property that is jointly owned by both spouses automatically passes to the other spouse. The property or asset therefore avoids probate completely.
If you co-own real estate in joint tenancy (also called "joint tenancy with right of survivorship"), when one co-owner dies, that co-owner's share of the property will automatically go to the surviving co-owner(s).
The majority of banks set up joint accounts as ?Joint With Rights of Survivorship? (JWROS) by default. This type of account ownership generally states that upon the death of either of the owners, the assets will automatically transfer to the surviving owner.
Joint tenancy includes the right of survivorship: Upon the death of a joint tenant, the deceased's interest transfers directly to the surviving joint tenant(s).