20:38
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LSDefine
Simple English definitions for legal terms
survivorship
Read a random definition: sergeant-at-arms
A quick definition of survivorship:
Survivorship: This means that if two or more people own something together and one of them dies, the other person or people automatically get the whole thing. It's like a special rule that helps make sure the property goes to the right person after someone dies.
A more thorough explanation:
Definition: Survivorship refers to the right of a joint owner to inherit the property of the other owner upon their death. This means that if one owner dies, their share of the property automatically passes to the surviving owner(s) without the need for probate.
Example: John and Jane own a house together with the right of survivorship. If John dies, Jane automatically becomes the sole owner of the house without the need for probate. If Jane dies, her share of the house will pass to her designated beneficiary or heirs.
Explanation: The example illustrates how survivorship works in joint ownership. The right of survivorship ensures that the surviving owner(s) inherit the property without the need for probate, which can be time-consuming and expensive. This is a common arrangement for married couples who own property together.