The spelling of the phrase "right of survivorship" can seem tricky at first glance, but when broken down using IPA phonetic transcription, it becomes transparent. "Right" is pronounced as "raɪt," "of" as "ʌv," and "survivorship" as "səˈvaɪvərˌʃɪp." This legal term refers to a right given to joint tenants in which upon the death of a tenant, their share of the property automatically transfers to the surviving tenant(s). Understanding the spelling of this important legal phrase is necessary for any property owner.
The right of survivorship is a legal concept that typically arises in the context of joint ownership of property, most commonly in joint tenancies or tenancies by the entirety. It refers to the right of a surviving co-owner to automatically succeed to the deceased co-owner's share of the property upon their death. In simpler terms, it means that if one co-owner dies, their ownership interest in the property will pass directly to the remaining co-owners, rather than being subjected to the deceased co-owner's will or passing through probate.
The key characteristic of the right of survivorship is that it avoids the need for the deceased co-owner's interest to go through the lengthy probate process. Instead, it allows for a seamless transfer of ownership to the surviving co-owners. This transfer occurs by operation of law, meaning it is automatically triggered upon the death of one co-owner. Consequently, the surviving co-owners become the sole owners of the entire property and can continue using, managing, or disposing of it without any interruption or interference.
It is important to note that the right of survivorship is not applicable to all forms of joint ownership. For example, in tenancies in common, each co-owner has a distinct and separate share that does not include the right of survivorship. Therefore, when one co-owner dies, their share does not automatically pass to the surviving co-owners, but instead is distributed according to their will or state intestacy laws.