Right of Survivorship
The right of survivorship applies to an estate if there are multiple people owning it. Specifically, if there are co-owners, the tenant that survives the other will inherit the deceased’s share. Not all forms of joint ownership of property can or will necessarily include the right of survivorship, though. Examples of shared ownership that does include the right of survivorship are: joint tenancy and, to a lesser extent, and tenancy in common.
The right of survivorship can be particularly useful in relation to probate proceedings. Specifically, if the right of survivorship applies to an asset, the surviving tenant will automatically receive it. This asset, thus, will most likely not be part of probate.