Survivorship Rights

Survivorship rights refer to the legal entitlement of a surviving co-owner to inherit the deceased co-owner's share of property automatically, without going through probate. This arrangement is often used in joint ownership situations, such as in joint bank accounts or real estate. For example, if two people own a house together and one passes away, the surviving owner automatically becomes the sole owner of the property. This ensures a smooth transfer of ownership and provides clarity about property rights, reducing potential disputes among heirs.