What Does Survivorship Mean?

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What Does Survivorship Mean?

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Answer 1

This is a deed of gift. My mother gifted a property to me with survivorship. Her name and my name are listed as owners. If something was to happen to her would me brothers and sisters be able to claim part of the property as her estate? She has a will that list one property and this property is not included in the will

Answer 2

Survivorship denotes the state of being a survivor. Generally, this term is used in law and is especially a concept of property law. It is applied in laws of real property. Survivorship illustrates different ways in which one can hold a property. Many times a property is owned by two or more persons. The people holding the property are called tenants. Thus, survivorship could also be called co-tenancy or joint tenancy or concurrent estate or 'second-to-die'. It is one of the three concurrent estates.

When one of the tenants of a joint business or property dies, the right to hold the whole property or business that is granted to the surviving partner. This right is termed as survivorship. It is also applicable for insurance survivorship plans and survivorship annuity.