Survivorship Clause

A Survivorship Clause is a provision commonly included in estate planning documents, such as wills or trusts, that designates how a decedent’s property will be distributed upon their death, particularly in relation to joint ownership of assets.

In its essence, a Survivorship Clause stipulates that if one co-owner of an asset, such as real estate or a bank account, passes away, the surviving co-owner automatically receives full ownership of that asset. This clause is often used with joint tenancy arrangements, where two or more individuals hold title to an asset, ensuring a seamless transfer of ownership without the asset going through probate.

For example, if two siblings own a house as joint tenants with rights of survivorship and one sibling dies, the surviving sibling automatically inherits the deceased sibling’s share of the property. This transfer occurs outside of probate, thus simplifying the process and allowing for quicker access to the asset.

In Texas, the Survivorship Clause can significantly benefit estate planning by reducing delays and potential conflicts during the distribution of assets, particularly in cases involving jointly held property. It is important for individuals to clearly articulate their intentions in such clauses to avoid confusion or disputes among heirs.