Your Estate Plan and the Right of Survivorship

A right of survivorship is a legal property interest that can play a significant role in your estate plan, especially if you re worried about probate. Rights of survivorship, often referred to as joint tenancies with a right of survivorship, are a form of property ownership that can be used with almost any kind of property. They are most commonly used with real estate and some financial accounts. While your estate planning lawyer will explain in more detail the benefits and drawbacks of a right of survivorship, here are some facts you should know. Joint Tenancies with the Right of Survivorship A joint tenancy is a form of property ownership in which more than one person owns the property. Each co-owner is known as a joint tenant. With a joint tenancy with a right of survivorship, or JTWROS, each co-owner has an equal share of the property. When the other joint tenant(s) dies, the surviving owner becomes the sole owner automatically. Survivorship and Probate When people die leaving beh
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