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
A beneficiary deed allows a property owner to name a beneficiary who obtains the title to the property at the owner’s death without the hassle of probate, according to Susan N. Gary writing for the American Bar Association. It is also known as a transfer-on-death deed.Full Answer >
A deed can be transferred to another person by getting a certified copy of the existing deed, filling out a form, and then having the executed deed recorded by the jurisdiction where the property is located, according to J. Hirby for The Law Dictionary. Homeowners should be familiar with legal basics of real property ownership.Full Answer >
To make a living trust in California, write a trust document that states the name of the person inheriting the trust property and designates you as the trustee, instructs Nolo. Sign it in the presence of a notary public, and transfer your properties to yourself as the trustee.Full Answer >
A revocable living trust is created through the grantor's signature on a living trust document and the transfer of all property into the name of the trust, according to Nolo. The grantor is the individual for whom the trust is created. Grantors can create trusts themselves or through an attorney.Full Answer >