A survivorship deed is a legal document that establishes joint tenancy of property between two parties. When one party dies, the surviving party automatically inherits the deceased's part of the property.Continue Reading
A survivorship deed negates the need for probate. When the surviving party dies, the property then goes into probate before it is passed to any heirs. Survivorship deeds are generally used by couples who want to ensure that the surviving partner is able to quickly take possession of the property after the other party dies.
A survivorship deed isn't used if there are more than two owners of a property.Learn more about Financial Planning