Ohio Deed (Including Acceptance of Community Property with Right of Survivorship)
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FAQ
The right of survivorship is a right granted to joint property owners that ensures the transfer of one owner's stake to the remaining property owner(s) in the case of his or her death.
In Ohio, a survivorship deed creates a ?joint tenancy? between two or more owners. It ensures that the interest rights of a property will be passed to the surviving owner(s) in the event of the other tenant's death automatically.
(A) Except as provided in section 5302.21 of the Revised Code, if any interest in real property is conveyed or devised to two or more persons for their joint lives and then to the survivor or survivors of them, those persons hold title as survivorship tenants, and the joint interest created is a survivorship tenancy.
The biggest advantage to setting up a right of survivorship is avoiding the lengthy probate process after death. It usually allows property to transfer immediately without third-party interference.
Introduction. A survivorship deed is a deed conveying title to real estate into the names of two or more persons as joint tenants with rights of survivorship.
As a married couple, most of the property and assets you have are jointly owned. That means that when one of you dies, the other simply becomes the sole owner of the assets. This does not require any legal action or court involvement.
Joint tenancy has right of survivorship Joint tenants own equal shares of the property and each one has the right to possess the property. When a joint tenant dies, the other joint tenants automatically inherit the property.