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Survivorship Deed

A survivorship deed is a legal document that transfers property ownership to a surviving joint owner when one owner passes away.

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Service Description

A Survivorship Deed, also known as a Joint Tenancy Deed, is a legal document used to transfer ownership of real property between spouses or partners. The purpose of this type of deed is to ensure that the property will pass directly to the surviving spouse or partner upon the death of the other owner, without having to go through the probate process.

The Survivorship Deed creates a form of joint ownership known as Joint Tenancy with Right of Survivorship. This means that both owners have an equal share in the property and, upon the death of one owner, the surviving owner automatically receives the deceased owner’s share of the property. This transfer of ownership occurs without any need for probate court involvement, which can be a lengthy and costly process.

The Survivorship Deed is a legal document that must be signed and notarized by both owners. It is important to note that once the deed is signed, the owners cannot sell or mortgage the property without the other owner’s consent. This is because both owners have an equal share in the property.

One of the benefits of a Survivorship Deed is that it can help to simplify estate planning. By ensuring that the property passes directly to the surviving owner, the need for probate court involvement is eliminated. This can save time and money for the surviving owner and their family.

It is important to consult with a qualified attorney or real estate professional before creating a Survivorship Deed. They can help to ensure that the document is properly drafted and executed, and that it meets all legal requirements. Additionally, they can provide guidance on whether a Survivorship Deed is the best option for a particular situation.

In summary, a Survivorship Deed is a legal document used to transfer ownership of real property between spouses or partners. It creates a form of joint ownership that ensures the property passes directly to the surviving owner upon the death of the other owner. This can help to simplify estate planning and eliminate the need for probate court involvement. It is important to consult with a qualified professional before creating a Survivorship Deed to ensure that it meets all legal requirements.

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