Right of survivorship facts for kids

The right of survivorship is a special rule for things owned together. It means that when one owner passes away, the other owner automatically gets full ownership of that item. It's like a built-in plan for what happens to shared property.

What Is the Right of Survivorship?

The right of survivorship is a legal idea that applies to things owned by more than one person at the same time. These could be big things like a home or a bank account. When people own something with this right, it means they have a special agreement. If one owner dies, their share of the property automatically goes to the other owner or owners. It does not become part of the deceased person's will or estate. Instead, it immediately becomes the property of the surviving owner(s).

How Does Joint Ownership Work?

When people own something together with the right of survivorship, it's often called "joint tenancy" or "joint ownership with right of survivorship." This is different from other ways people can own things together. For example, if two people own a house as "tenants in common," and one person dies, their share might go to their family through their will. But with the right of survivorship, the share automatically goes to the other joint owner.

Examples of Survivorship

• Bank Accounts: If two people have a joint bank account with the right of survivorship, and one person dies, the money in the account automatically belongs to the surviving person. They can access it without needing to go through a long legal process.
• Homes and Property: A married couple might own their home together with the right of survivorship. If one spouse passes away, the other spouse automatically becomes the sole owner of the house. This can make things simpler during a difficult time.

Why Is This Right Important?

The right of survivorship is important because it helps make sure that shared property goes directly to the surviving owner(s). This can avoid delays and legal costs that might happen if the property had to go through a will. It also means the property is not affected by any debts the deceased person might have had, because it doesn't become part of their estate. It provides a clear and quick way for ownership to transfer.