Right Of Survivorship
What Does Right Of Survivorship Mean?
The right of survivorship refers to a person’s right to fully own a property after a co-owner passes away. This often occurs in “joint tenancy” arrangements, where two individuals hold ownership stakes in the property.
In such cases, the full responsibility for the property, including insurance obligations, is typically transferred to the surviving owner along with the ownership of the property.
Insuranceopedia Explains Right Of Survivorship
If joint tenancy is not in place, there may be no right of survivorship, even if one owner of a property dies. In such cases, the deceased owner’s interest in the property may pass to their next of kin, rather than the surviving co-owner.
The responsibility for insuring the property after the original owner dies typically depends on who gains control of the decedent’s interest in the property. This is usually determined by the legal arrangements made in the deceased owner’s will or estate plan.
