What is a Right of Survivorship?
A right of survivorship determines what will happen to a certain type of co-owned property after one of its owners is deceased. There are many types of co-ownership under law, but the right of survivorship is only found in joint tenancy
, which is a contract between two or more parties indentify their immediate ownership of either real or personal property
such as a house, land or money. Read below where Experts have provided many legal answers pertaining to the right of survivorship.
If a parent and their child have inherited property through a will, if the parent dies will the property be transferred over to the other parent?
If two people own property as joint tenants with right of survivorship, when one of them passes the inheritance will automatically transfer to the other join tenant. The other parent will have no right to the property.
Does the state of North Carolina recognizes right of survivorship or does it just include tenants in common cases?
North Carolina does recognize both. The state recognizes the following types of ownership: tenancy in common, joint tenancy and tenancy by entirety, but not community property
. When granting ownership of real estate to two or more people it is assumed to create a tenancy in common, unless otherwise stated in the conveyance under North Carolina Code 41-2. Normally married couples chose to select joint tenancies in the ownership of real estate, with rights of survivorship.
When someone has received property through right of survivorship, do they need to remove the deceased name from the deed, also can someone be held responsible for the deceased credit card debt?
All they would need to do is provide a copy of the death certificate to the county recorder’s office for notification of death, same thing with the credit company. If the one that inherited the credit card is only an authorized user of the credit card, but not a co-signer, then they should not be held responsible for the remaining debt. Any debts remaining will normally be paid off by the estate of the decedent which will require the creditors to file their claim, normally within thirty days of hearing that the estate will be in the probate court.
If someone has right to survivorship does their sibling get a percentage of the value of the property?
Unless a percentage is stated to be granted to the sibling in the deed, the sibling will have no legal rights to anything. The whole property will be completely owned by the sibling that was stated in the deed. When dealing with a right to survivorship Experts can answer questions on issues about real estate and probate court.
If someone is a joint owner and has right of survivorship from a parents bank account, can they divide up the money between the other siblings?
If the only asset the parent has is a bank account, and the child has the right of survivorship on that bank account, there will be no need for a will or probate court. As a joint owner of the account, at the time the parent is deceased, the money will automatically be granted to the child. It will not be considered an inheritance. They can divide the money up as they wish without running into any problems.
In all joint tenancies, at the time of death one of the joint tenants, ownership of the remaining property will be passed to the surviving tenants, or children, who declare the right of survivorship. Normally a right at common law is recognized by statute in all states. Ask Experts to answer any questions you may have relating to joint tenancy with right of survivorship.