right of survivorship
Definition
Ownership of property by two or more people in which the survivors automatically gain ownership of a decedent's interest. In the case of more than one survivor, the decendent's share is divided among the survivors. In addition, each owner can sell or gift his/her share as he/she wants, without the other owners' permission.
Use this term in a sentence
“ You may find yourself in a position of right of survivorship and will suddenly be the main man quicker than you thought. ”
“ When it was determined that James had wives in three separate states, the right of survivorship for his business and houses became a muddy issue, to say the least. ”
“ If you are attempting to ease the difficulty of your final wishes you may invoke a right of survivorship clause to mitigate confusion and establish a smooth transition for your assets. ”
