Oregon Affidavit as to Termination of Joint Tenancy with Right of Survivorship by Surviving Tenant (One Tenant is Deceased)
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How to fill out Affidavit As To Termination Of Joint Tenancy With Right Of Survivorship By Surviving Tenant (One Tenant Is Deceased)?
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FAQ
TENANTS BY THE ENTIRETY/MARRIED COUPLE ORS 93.180 provides that a conveyance to a married couple is presumed to create a tenancy by the entirety. This is a survivorship estate as between the two persons, that is, the title held by the couple passes, upon the death of one spouse, to the survivor.
The right of survivorship in a joint tenancy with right of survivorship provides that one owner's interest in the joint property can be willed or passed to his or her heirs at death. The survivorship feature of a joint tenancy with right of survivorship can never be terminated by the parties.
As indicated in ORS 93.180(3), joint tenancies are generally abolished in Oregon, meaning that unless there is a clear intent in legal documents to create a survivorship interest, no survivorship interest will be found by a court.
Which of these cannot take title as a joint tenant with right of survivorship? A corporation. Because a corporation continues indefinitely until terminated by legal action, a corporation may never take title as a joint tenant. It would never die.
A joint tenancy creates a right of survivorship, which means that if one party dies, their interest is automatically transferred to the surviving tenant(s). Joint tenancy is different from a tenancy in common, where a deceased tenant's share is passed on to their heirs.
Tenancy in Common: Tenancy by the Entirety: Survivorship: A survivorship estate is automatically created by a conveyance to a husband and wife (so long as no contrary intent is shown on the deed). This is by far the most common vesting for married individuals.
An Oregon domestic partnership couple may take title as tenants in common or with rights of survivorship, but should state their election expressly in their deed, e.g., John Doe and Fred Jones as tenants in common or John Doe and Fred Jones as Oregon registered domestic partners with the right of survivorship.
For spouses: Assets in JTWROS accounts may get a step-up on cost basis when either spouse passes away. This can help reduce capital gains taxes when selling a property, but you can only step-up half of the full value of the asset. This 50% step-up represents the portion owned by the joint owner who died.
