What is a Right of Survivorship Agreement Review?
A right of survivorship agreement is a legal arrangement in which co-owners of an asset inherit the share of a deceased owner. This takes the form of an automatic transfer and the process bypasses probate, which saves time and prevents legal costs.
If you need to review a right of survivorship agreement, read the rest of this article. We’ll provide key terms you should check in the contract, general tips for reviewing the agreement, and why you should consider hiring a lawyer to provide a legal review for you.
What are Key Terms to Check in a Right of Survivorship Agreement?
Some of the most common key terms that you’ll find in a right of survivorship agreement include the following:
- Parties. You should identify the joint owners and their relationship to each other.
- Property or asset. Describe what property or asset is subject to the right of survivorship.
- Joint ownership. This explains each party’s ownership percentage for clarity.
- Right of survivorship. This is the core provision of the document. Check that it states exactly what happens to the owner’s interest after they pass away.
- Automatic transfer. You should check if the surviving owner will automatically be entitled to the deceased owner’s interest.
- Termination. There should be clarity about how the survivorship agreement can be terminated early.
How Do You Review a Right of Survivorship Agreement?
Once you’ve reviewed some key terms in a right of survivorship agreement, you should consider important tips to ensure you conduct a thorough analysis.
Confirm the Basic Information
Start by going through all the basic information in the agreement to check that facts are accurate, such as who the joint owners are, what asset is being included, and the ownership percentages.
Check Requirements
Although the deceased owner’s interest is automatically transferred to the owners, the agreement should specify if there are any requirements the surviving parties need to meet before they will receive the interest.
Refer to Other Documents
Check the right of survivorship against wills and other estate planning documents. This will clarify what the owner’s will says about the asset and highlights if there are any conflicts between documents.
Consider Termination
Look at what happens should the agreement end, such as if there is mutual or unilateral termination. There should be clarity about the processes to follow to prevent issues or disputes.
Review Amendments
You might need to change any terms in the agreement in future, so make sure that it’s clear which party can amend the contract, if amendments must be put in writing, and if all owners need to consent to the changes beforehand.
Do You Need a Legal Review of a Right of Survivorship Agreement?
If your right of survivorship agreement involves significant assets, it’s in your best interest to hire a qualified lawyer to help you review it. A lawyer will conduct various activities during a review of the agreement, such as:
- Checking if the survivorship right is legally sound. A lawyer will assess if the agreement creates an arrangement that’s legally valid under the applicable law.
- Considering underlying ownership. A lawyer will compare the agreement with the actual asset title and other ownership documents to confirm legal ownership.
- Checking the agreement against wills and related documents. They’ll examine if the agreement is consistent with wills and estate planning documents to prevent disputes.
- Determining if the ownership transfer is automatic. They’ll consider what additional steps are required, such as in terms of documents and approvals.
- Explaining what will happen if both owners pass away. This is something you might not consider without contract review experience. A lawyer will help you evaluate this scenario and can add protective clauses to the agreement.
- Helping you to understand the consequences of termination. If an owner wants to terminate the agreement, a lawyer will explain what’s required and what legal consequences will occur.
- Flagging ambiguous wording. A lawyer is skilled at flagging any vague or inconsistent wording in the agreement that could result in misinterpretations and disputes.
- Stipulating agreement breaches. If one owner violates the agreement terms, a lawyer will consider what legal remedies are available to protect your interests.
Where to Find a Lawyer to Review a Right of Survivorship Agreement
It’s not always easy to find a lawyer who’s experienced and reputable. Calling traditional law firms in your location can be time-consuming and stressful. Instead of doing that, you should hire a lawyer from an online legal platform that connects you to a range of experienced and reputable lawyers.
ContractsCounsel is one of the largest online legal marketplaces. It connects you to a curated network of qualified lawyers. All lawyers on the platform are vetted and have contract review experience.
If you need to find a lawyer to review your right of survivorship agreement, the process is easy. All you need to do is post your request on the platform.
Here are the steps to follow:
- Visit the ContractsCounsel marketplace.
- Select ‘One-time project.’
- Choose ‘Contract review.’
- Post your project, or request, for free.
- Add some information about what you require so you match with suitable lawyers.
- Wait for bids. Instead of searching for a lawyer, you’ll receive multiple bids from lawyers directly on the platform who are ready to assist you.
- Review the lawyer data. ContractsCounsel provides information about lawyers on its platform to help you select a suitable lawyer. This information includes the lawyers’ location, expertise, credentials, years of experience, and client ratings for previous projects completed on the platform.
- Select a lawyer to hire. They’ll review a right of survivorship agreement for a flat fee.
