The Right of Survivorship is a legal concept that pertains to the ownership of property held in joint tenancy. This right allows for the automatic transfer of a deceased joint tenant’s interest in the property to the surviving joint tenant(s), bypassing the probate process.
In a joint tenancy arrangement, two or more individuals own property together, with equal rights to the whole property. A key feature of this arrangement is that when one joint tenant dies, their share of the property does not become part of their estate. Instead, it automatically goes to the surviving joint tenant(s), who then retain full ownership of the property. This mechanism ensures that the property is transferred quickly and without the complications of probate, which can be time-consuming and costly.
For example, if two siblings own a house as joint tenants with the right of survivorship and one sibling passes away, the surviving sibling automatically becomes the sole owner of the house. The deceased sibling’s share does not pass to their heirs or go through probate.
It’s important to note that the Right of Survivorship can only be established when the joint tenancy is properly created, typically through a deed that clearly states the intent of the parties involved. In Texas, this is a commonly used strategy for couples and family members to ensure that their property is transferred smoothly upon death, making it a popular choice in estate planning.
Additionally, in Texas, if property owners do not want the right of survivorship to apply, they must explicitly state this in the deed, otherwise, Texas law may assume that intent to include the right of survivorship.
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