When two or more people own property together, what happens if one of them passes away depends entirely on how the property is titled. One of the most important, and often misunderstood, ownership features is the Right of Survivorship. This is a legal characteristic that can attach to certain types of co-ownership, allowing a surviving owner to automatically inherit a deceased owner’s interest upon death, without the need for probate.
How do you know if your property ownership includes a Right of Survivorship?
To determine whether your property includes a Right of Survivorship, review the deed or ownership document. In Florida, survivorship rights are most commonly found in Joint Tenancy with Right of Survivorship. For married couples, the title may instead be held as Tenancy by the Entireties, a form of ownership available only to spouses that also includes survivorship rights. If the deed or document states the property is held as Tenants in Common, that means there is no Right of Survivorship.
How does the Right of Survivorship affect your ownership?
To determine whether your property includes a Right of Survivorship, review the deed or ownership document. In Florida, survivorship rights are most commonly found in Joint Tenancy with Right of Survivorship. For married couples, the title may instead be held as Tenancy by the Entireties, a form of ownership available only to spouses that also includes survivorship rights. If the deed or document states the property is held as Tenants in Common, that means there is no Right of Survivorship.
Can you get rid of the Right of Survivorship?
Yes! The Right of Survivorship can be removed in several ways.
A joint tenant may transfer their interest, even without the other owner’s consent, by executing and recording a deed to themselves or a third party, which severs the joint tenancy and converts ownership into a Tenancy in Common.
Co-owners may also mutually agree to remove survivorship rights by retitling the property through a new deed.
In the case of married couples holding title as Tenancy by the Entireties, divorce automatically converts ownership into Tenancy in Common, eliminating survivorship.
Additionally, a court-ordered partition can sever the joint tenancy.
Why do owners sometimes prefer to remove the Right of Survivorship?
Owners often remove survivorship for estate planning or asset protection purposes, such as ensuring their share passes to heirs or a trust rather than the co-owner. However, doing so has important consequences, including the loss of automatic transfer at death and the potential need for probate, and should be considered as part of a broader planning strategy.
The next time you buy, transfer, or receive property, take a moment to carefully review the deed or ownership document to understand exactly what type of ownership structure it creates. How title is held can have significant legal and estate planning consequences down the road. And remember, Mitchell St. Louis P.A. is here to assist with all of your real estate needs.
Disclaimer
The information provided in this blog post is for general informational and educational purposes only and does not constitute legal advice. Nothing contained herein should be construed as creating an attorney–client relationship. Legal matters are highly fact-specific, and the application of the law can vary based on individual circumstances. You should consult with a qualified and licensed attorney regarding your particular situation before taking or refraining from taking any action based on the information contained in this post.