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what is right of survivorship?

Where land or property is owned jointly by two or more persons then it can be owned in one of two ways:

  • joint tenants
  • tenants in common

During a property purchase the question will be asked of joint purchasers whether they want to own the property as joint tenants or tenants in common. It is usually asked at a time where the purchasers have large amounts of paperwork to get through and often couples will make a choice without much thought. However, the choice can have significant consequences in the long-term if they continue to own that property at the time of one of their deaths.

When a property is owned by two or more people as joint tenants and one owner dies, the property will automatically pass to the surviving owner(s). This is what is known as the right of survivorship. It also applies to bank accounts held in joint names. 

This is a complex area, for more information read this outline by The Gazette. 

 

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