Joint Tenants Right To Survivorship

• Category: Contracts - Cohabitation
• State: Multi-State
• Control #: US-0179BG
• Format: Word; Rich Text

Description Survivorship Tenants Joint

A joint tenancy or joint tenancy with right of survivorship is a type of concurrent estate in which co-owners have a right of survivorship, meaning that if one owner dies, that owner's interest in the property will pass to the surviving owner or owners by operation of law, and avoiding probate. The deceased owner's interest in the property simply evaporates and cannot be inherited by his or her heirs. Under this type of ownership, the last owner living owns all the property, and on his or her death the property will form part of their estate. Unlike a tenancy in common, where co-owners may have unequal interests in a property, joint co-owners have an equal share in the property.

Community property with right of survivorship is a legal concept in Texas that combines aspects of both community property and survivorship rights. Under this arrangement, married couples can designate their property as community property with the added benefit of survivorship rights. In the event of the death of one spouse, the surviving spouse automatically becomes the sole owner of the community property without the need for probate proceedings. This type of ownership is commonly known as "community property with right of survivorship" or "PROS." In Texas, there are mainly two different types of community property with right of survivorship: 1. Community Property with Right of Survivorship Agreement: This is a legal agreement that can be entered into by spouses to establish community property with right of survivorship. It requires a written contract, signed by both parties, clearly stating their intention to create community property ownership with survivorship rights. It's essential to consult an attorney to ensure the agreement meets all legal requirements. 2. Joint Tenancy with Right of Survivorship: In certain cases, married couples may hold property as joint tenants with right of survivorship, which automatically confers survivorship rights on the surviving spouse. Although it is not strictly a form of community property, joint tenancy with right of survivorship is recognized and commonly used in Texas to achieve the same goal. It is important to keep in mind that community property with right of survivorship does not automatically apply to all property acquired during marriage. It requires a deliberate action by the spouses to establish this form of ownership. Also, this designation applies only to real estate and does not extend to personal property or other types of assets. Overall, community property with right of survivorship in Texas offers couples a simplified method of transferring ownership upon the death of a spouse, avoiding the need for probate. It provides peace of mind, ensuring that the surviving spouse inherits the property seamlessly and expeditiously. To establish community property with right of survivorship, it is crucial to consult with an experienced attorney to understand the specific legal requirements and implications.