This form is a Special Warranty Deed where the Trust is the Grantor and the Grantees are two Individuals who will be joint tenants of the property with rights of survivorship. Grantor conveys and specially warrants the described property to the Grantees. The Grantor only warrants and will defend the property only as to claims of persons claiming by, through or under Grantor, but not otherwise. This deed complies with all state statutory laws.
Texas Special Warranty Deed - Trust to Two Individuals as Joint Tenants with Rights of Survivorship
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Description Special Deed Tenants
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Joint Tenants Rights Survivorship FAQ
With a Survivorship Deed in place, when one of the parties in a joint tenancy dies, the other party (or parties) takes over the deceased party's interest in the property instead of it passing to the deceased's heirs or beneficiaries.
Property held in joint tenancy, tenancy by the entirety, or community property with right of survivorship automatically passes to the survivor when one of the original owners dies. Real estate, bank accounts, vehicles, and investments can all pass this way. No probate is necessary to transfer ownership of the property.
A person who is a party to a deed, and owns it as a joint tenancy with a right of survivorship can create a trust. The party can then transfer his/her share of the property into the trust.
Survivorship rights take precedence over any contrary terms in a person's will because property subject to rights of survivorship is not legally part of their estate at death and so cannot be distributed through a will.
Joint Tenancy With Right of Survivorship Property owned in joint tenancy automatically passes, without probate, to the surviving owner(s) when one owner dies.
In Texas, two forms of joint ownership have the right of survivorship: Joint tenancy. Property owned in joint tenancy automatically passes to the surviving owners when one owner dies. (The survivor must, however, live at least 120 hours longer than the deceased co-owner.
Can a trust ever be a joint tenant? Summary Response: Yes, California Civil Code § 683, subdivision (a) specifies that a joint tenancy may be created by grant or devise to trustees as joint tenants.
So yes California law does seem to allow a trust to be a joint tenant.It has to be the person who transfers it to the trust. So, for example, Able and Buddy own a property together as joint tenants. Able wants to transfer his half to his trust.
Unlike most states Texas does not automatically recognize joint tenancies as having a right of survivorship. Instead the parties must agree, in writing, to include a right of survivorship.