New York Deed (Including Acceptance of Community Property with Right of Survivorship)
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FAQ
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.
If Property is a Joint Tenancy, New York Laws Can Allow Probate Avoidance. When property is owned as a joint tenancy with rights of survivorship, this means that the co-owners are automatically going to inherit the property if any one of the owners passes away. This is what is meant by the right of survivorship.
Joint Tenancy With Right of Survivorship In other words, when one joint tenant dies, the other joint tenant or tenants automatically gain ownership and usage rights of the deceased tenant's share of the property. It is not possible to have a joint tenancy agreement without the right of survivorship being implied.
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.
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.
Advantages of community property with a right of survivorship: The surviving spouse becomes the sole owner of property upon their spouse's death without the property having to pass through probate. The surviving spouses can maintain continuity in ownership.
A TIC has no right of survivorship and when a tenant in common dies, their share of the property passes to their estate, where a beneficiary of the share of property may be named.
Under the right of survivorship, each tenant possesses an undivided interest in the whole estate. When one tenant dies, the tenant's interest disappears and the others tenants' shares increase proportionally and obtain the rights to the entire estate.