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Understanding the Joint Survivorship Agreement: Key Legal Insights
Definition & Meaning
A joint survivorship agreement is a legal arrangement between partners, typically spouses, that designates how their property will be handled upon the death of one partner. In this agreement, the partners can agree that all or part of their existing or future property will automatically belong to the surviving partner when one of them passes away. This agreement must be in writing and signed by both partners to be legally effective.
To establish a right of survivorship, the agreement should include specific phrases, such as:
"with right of survivorship"
"will become the property of the survivor"
"will vest in and belong to the surviving spouse"
"shall pass to the surviving spouse"
It's important to note that laws regarding survivorship agreements can differ by state, so it's advisable to consult local regulations for precise requirements.
Table of content
Legal Use & context
Joint survivorship agreements are primarily used in family law and estate planning. They are crucial for couples who wish to ensure that their property transfers smoothly to the surviving partner without going through probate. This type of agreement can involve various forms of property, including real estate, bank accounts, and other assets.
Users can manage these agreements themselves by utilizing legal templates provided by services like US Legal Forms, which are drafted by experienced attorneys to meet specific state requirements.
Key legal elements
Real-world examples
Here are a couple of examples of abatement:
Example 1: A couple, Alex and Jamie, decide to create a joint survivorship agreement for their home and joint bank account. They include the phrase "will become the property of the survivor" in their written agreement. Upon Alex's passing, Jamie automatically inherits the home and bank account without the need for probate.
Example 2: (hypothetical example) Taylor and Morgan have a joint survivorship agreement for their investments. If Morgan dies, Taylor will automatically take full ownership of the investments as specified in their agreement.
State-by-state differences
Examples of state differences (not exhaustive):
State
Key Differences
California
Allows for joint tenancy with right of survivorship for community property.
Texas
Recognizes survivorship rights in joint bank accounts and property.
New York
Requires specific language in the agreement to establish survivorship rights.
This is not a complete list. State laws vary, and users should consult local rules for specific guidance.
Common misunderstandings
What to do if this term applies to you
If you are considering a joint survivorship agreement, follow these steps:
Discuss your intentions with your partner to ensure mutual understanding.
Draft a written agreement that includes necessary phrases to establish survivorship rights.
Consult local laws to ensure compliance with state requirements.
Consider using legal templates from US Legal Forms for a straightforward approach.
If your situation is complex, seek advice from a legal professional.
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