Survivorship Deed: A General Guide
Jump to Section
A survivorship deed is a legal mechanism used to transfer real estate property ownership between two or more parties. In a survivorship deed, commonly known as a joint tenancy with right of survivorship (JTWROS) deed, each individual owns an equivalent stake in the property. And upon the death of one person, the surviving individuals automatically inherit the deceased party's stake in the property.
Besides, survivorship deeds are generally used by couples or business partners who want to guarantee that the property they jointly possess will pass directly to the surviving party or parties without probate.
Essential Elements of a Survivorship Deed
Survivorship deeds are widely used in estate planning by families, couples, and business partners to transfer property. Below are the main components of a survivorship deed:
- Description of Property: The survivorship deed must provide a precise and clear description of the property being transferred, including the legal description of the property, which can be obtained from public records or the property's deed.
- Survivorship Clause: The survivorship clause is the crucial part of a survivorship deed, stating that when one owner passes away, their ownership automatically transfers to the surviving owner(s). It ensures that the property bypasses the probate process, which can be costly and time-consuming.
- Ownership Details: The names of all owners transferring the property must be clearly stated in the survivorship deed, along with the percentage of ownership held by each owner. Any limitations or restrictions on owners' rights to the property must also be included.
- Signatures: All owners listed in the survivorship deed must sign the document, and a notary public or another authorized individual must witness their signatures. The signatures signify that the owners have reviewed and agreed to the terms of the survivorship deed.
- Recording: It is essential to record the survivorship deed with the county recorder's office where the property is located. It makes the deed a public record and notifies others that the property is owned in survivorship. Recording the deed can be valuable in future conflicts or legal matters regarding ownership.
- Consideration: Consideration is the exchange value between parties in a real estate transaction. In a survivorship deed, the consideration is typically nominal, implying little or no money exchanged between owners. However, it still must be stated in the deed.
- Legal description: The legal description of the property is a comprehensive description of its boundaries and other characteristics that distinguish it from other regional properties. This information is vital in identifying the property.
- Title Insurance: Title insurance safeguards property owners against losses resulting from disputes over property ownership. Obtaining title insurance is important when creating a survivorship deed to protect the owners' interests.
Advantages of a Survivorship Deed
Below are some key benefits of a survivorship deed.
- Avoidance of Probate: Survivorship deeds are a great way to avoid probate, the legal process of settling an estate after someone dies. Probate can be time-consuming, expensive and often require the court to sell the property to pay debts or taxes. A survivorship deed automatically transfers the property to the surviving owner(s) without going through probate.
- Protection of Property: Survivorship deeds protect property from creditors or legal disputes. When two or more people own property as joint tenants with the right of survivorship, creditors cannot seize the property to pay off the debts of just one owner.
- Ease of Transfer: Survivorship deeds make the transfer of property easy. When one owner dies, the property automatically transfers to the surviving owner(s) without any additional legal steps or paperwork. It can make it easier for family members or heirs to manage the property after a loved one dies.
- Cost Savings: By avoiding probate, a survivorship deed can save money. Probate fees can be expensive, and the process can take months or even years. With a survivorship deed, the property can transfer to the surviving owner(s) quickly and without additional legal fees.
- Clear Ownership: A survivorship deed provides clarity about ownership of the property. With joint tenancy with the right of survivorship, each owner has an equal share of the property. It can help avoid disputes or misunderstandings about ownership in the future.
- Tax Benefits: A survivorship deed may offer tax benefits when transferring property. Transferring property through a survivorship deed may result in fewer taxes owed compared to if the property went through probate.
- Continuity of Ownership: A survivorship deed ensures continuity of ownership, allowing surviving owners to continue managing the property without interruption. Also, it is particularly important for rental or income-producing properties.
- Peace of Mind: A survivorship deed can provide peace of mind for owners, knowing that their property will pass to the surviving owner(s) without going through probate and that their share of the property is protected from creditors or other legal disputes.
- Avoidance of Inheritance: Disputes Survivorship deeds help avoid inheritance disputes by clarifying who owns the property and what their share is. It can prevent family members from fighting over the property or contesting a will.
- Flexibility: Survivorship deeds provide flexibility for owners. The owners can sell their share of the property without the consent of the other owner(s), but the survivorship deed ensures that the property will remain in joint tenancy with the right of survivorship.
3 projects on CC
CC verified
Key Terms for Survivorship Deeds
- Survivorship Deed: A legal document that allows property owners to pass directly to a surviving owner upon the death of another joint owner.
- Joint Tenancy: A form of property ownership where multiple people own equal shares in the property, with the right of survivorship.
- Grantor: The person who creates and executes the survivorship deed, transferring ownership of the property to themselves and another person(s).
- Tenancy in Common: A form of property ownership where multiple people own a percentage share of the property but do not have the right of survivorship.
- Contingency: A provision in a survivorship deed that outlines what should happen if one or more joint owners die or becomes incapacitated.
- Grantee: The person(s) who receive ownership of the property through the survivorship deed.
- Probate: The legal process of administering a deceased person's estate, which can be avoided with a survivorship deed.
- Estate Planning: The process of arranging to transfer one's assets upon death, which can include creating a survivorship deed.
- Property Taxes: The taxes paid on a property can be affected by the ownership structure and transfer of the property through a survivorship deed.
- Title: The legal property ownership, which can be transferred through a survivorship deed.
Final Thoughts on Survivorship Deeds
In a nutshell, a survivorship deed is a statutory document that allows property owners to pass automatically to the surviving joint owner when one owner passes away. This type of deed is usually used in joint tenancy cases, where numerous individuals own property together. Also, using a survivorship deed can help avoid the probate process, which can be costly and time-consuming. Instead, the property passes directly to the surviving owner without court involvement.
Hence it might not be wrong to say that a survivorship deed can be a valuable estate planning tool for individuals who want to guarantee that their property passes seamlessly to their loved ones after their demise. Therefore, it is important to consult a qualified attorney to ensure the survivorship deed is properly executed and fits the overall estate plan.
If you want free pricing proposals from vetted lawyers that are 60% less than typical law firms, Click here to get started. By comparing multiple proposals for free, you can save the time and stress of finding a quality lawyer for your business needs.
ContractsCounsel is not a law firm, and this post should not be considered and does not contain legal advice. To ensure the information and advice in this post are correct, sufficient, and appropriate for your situation, please consult a licensed attorney. Also, using or accessing ContractsCounsel's site does not create an attorney-client relationship between you and ContractsCounsel.
Meet some of our Survivorship Deed Lawyers
Travis D.
Travis counsels individuals and businesses on a broad range of complex topics. His practice centers on producing efficient, client-driven results. He concentrates his practice on real estate, construction, and general business matters with an emphasis on assisting clients both before and after problems occur by drafting contracts designed to best position clients to avoid disputes and litigating matters to a final resolution if problems emerge. Born and raised in Oklahoma, Travis is a triple graduate of the University of Oklahoma, having obtained his Bachelor of Arts, Master of Business Administration, and Juris Doctor degrees from OU. Prior to practicing law, Travis managed the finances and business operations of a successful construction supply company for several years. This insight into sophisticated business dealings, contractual issues, and strategic planning makes him uniquely qualified to handle a wide range of legal matters. Travis lives in Norman with his wife, Haley, dogs, Walter and Poppy, and cat, Ernest. Outside of the office, Travis enjoys playing golf and reading.
"What a great service! Will definitely recommend to family and friends!"
Justin C.
Justin Camper is a small business and trademark attorney, entrepreneur, public speaker, and writer. Justin has been practicing law close to 5 years and has done various areas of law from criminal work as a Prosecutor, to business and civil litigation at private law firms.
"Justin C did a great job. I will recommend Contractscounsel to friends"
George L.
I am a corporate attorney with offices in Rock Hill, SC, and Lavonia, GA. My practice is focused on contracts, tax, and asset protection planning. I act as a fractional outside general counsel to over 20 businesses in 6 countries. When not practicing law, I can usually be found training my bird dogs.
"Appreciated his insight into contract matters for our start up!"
September 4, 2022
Deborah W.
Williamson Health Law is an established and trusted law firm focused on representing hospitals, health plans, physician groups, physicians, physical therapy businesses, psychologists and other health care providers, professionals, and businesses in all aspects of health law. including the Stark law, the Anti-Kickback Statute (“AKS”), the Health Insurance Portability and Accountability Act (“HIPAA”), regulatory compliance, Medicare and Blue Cross audits and overpayment appeals, payer departicipation and disaffiliation appeals, payer and provider disputes, reimbursement and billing, compliance plans, health care industry contracts and professional licensure. We represent clients throughout Michigan and the U.S. with certain federal matters such as federal regulatory analysis and Medicare audits.
August 9, 2022
Bolaji O.
Bolaji O. Okunnu is an entertainment lawyer and founder of the Okunnu Law Group, PLLC based in New York, New York. His practice includes work in the area of copyright, trademark, contract, intellectual property and business law. As an entertainment attorney, Bolaji represents a diverse roster of celebrities, record labels, music publishers, artists, bands, entrepreneurs, authors, songwriters, artist managers, record producers and entertainment executives concerning their intellectual property, business affairs and creative assets. He is an expert at solving complex and sophisticated legal and business issues relating to contracts, copyrights and trademarks. With his background in both the law and the music business, he brings a broad perspective to problem-solving and business plan strategies. He also has an extraordinary ability to speak to the hearts of creatives while helping them discover their voice and clarify their creative dreams and assignments.
Matt M.
I love to learn, and I love solving problems. That's why I became a lawyer, and learned to solve legal problems for individuals and businesses and help them fix things when there's a snag. Touch base if you think I could have something to offer for you or your company. Experienced, results-oriented legal professional whose background and education have established him as a valuable resource in areas of corporate law, franchising, litigation, compliance, mortgages and banking, and more. Practice Areas Include: Corporate law, Franchising, Litigation, real estate, corporate law, civil disputes, insurance representation, corporate counseling, dispute resolution, risk management, regulatory counsel, compliance. Experience involves sophisticated as well as routine corporate structuring and transactions, simple and complex litigation, and written and oral advocacy such as depositions, mediated settlement conferences, trials, appeals, written pleadings and discovery, and case strategy and analysis. Experience managing and litigating disputes between parties and negotiating settlements across the spectrum of civil litigation, including probative discovery, successful motions practice, legal research and writing, appellate practice, and legal consultation to individuals and business entities. Further experience includes digesting and monitoring updates to the legal landscape to advise clients or departments and successfully adapt policies and procedures to assure compliance with applicable laws and regulations as well as to manage risk effectively. For those needing a skilled commercial or corporate lawyer, or for individuals whose rights need persuasive advocacy, I am a valuable resource. Representative work also has involved success on the appellate level, as in Baker Construction Company, Inc. v. City of Burlington and Hawthorne, LLC, North Carolina COA09-13.
August 14, 2022
Madeline P.
I am the CEO and attorney at my law firm that I started in June 2020 (as other businesses were shuttering due to Covid-19). I am currently seeking contract work to supplement my case load as I recently finalized numerous family law cases within a short timeframe.
Find the best lawyer for your project
Browse Lawyers Now
Quick, user friendly and one of the better ways I've come across to get ahold of lawyers willing to take new clients.
View Trustpilot ReviewHow It Works
Estate Planning lawyers by top cities
- Austin Estate Planning Lawyers
- Boston Estate Planning Lawyers
- Chicago Estate Planning Lawyers
- Dallas Estate Planning Lawyers
- Denver Estate Planning Lawyers
- Houston Estate Planning Lawyers
- Los Angeles Estate Planning Lawyers
- New York Estate Planning Lawyers
- Phoenix Estate Planning Lawyers
- San Diego Estate Planning Lawyers
- Tampa Estate Planning Lawyers
Survivorship Deed lawyers by city
- Austin Survivorship Deed Lawyers
- Boston Survivorship Deed Lawyers
- Chicago Survivorship Deed Lawyers
- Dallas Survivorship Deed Lawyers
- Denver Survivorship Deed Lawyers
- Houston Survivorship Deed Lawyers
- Los Angeles Survivorship Deed Lawyers
- New York Survivorship Deed Lawyers
- Phoenix Survivorship Deed Lawyers
- San Diego Survivorship Deed Lawyers
- Tampa Survivorship Deed Lawyers
Contracts Counsel was incredibly helpful and easy to use. I submitted a project for a lawyer's help within a day I had received over 6 proposals from qualified lawyers. I submitted a bid that works best for my business and we went forward with the project.
View Trustpilot Review
I never knew how difficult it was to obtain representation or a lawyer, and ContractsCounsel was EXACTLY the type of service I was hoping for when I was in a pinch. Working with their service was efficient, effective and made me feel in control. Thank you so much and should I ever need attorney services down the road, I'll certainly be a repeat customer.
View Trustpilot Review
I got 5 bids within 24h of posting my project. I choose the person who provided the most detailed and relevant intro letter, highlighting their experience relevant to my project. I am very satisfied with the outcome and quality of the two agreements that were produced, they actually far exceed my expectations.
View Trustpilot Review