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What Is a Right of survivorship? Definition, Uses and Importance.

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In a joint tenancy, the property automatically goes to the co-owner if one of the co-owners dies. A co-owner in a joint tenancy cannot give away his or her share of the property.

Right of survivorship is based on the way the property is owned

In many states, a joint tenancy is the same as a common law tenancy but with one exception: all of the tenants must share an equal percentage. Joint tenancies also do not avoid probate in Florida like most other forms of ownership which can make it appealing to some people.

Right of survivorship is important

For individuals that own real estate or real property and want their estate to be passed on without going through probate court it’s important to make sure that the property or real estate is held in common and can be passed through right of survivorship.

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