Free Survivorship Deed
A Survivorship Deed is used to transfer a jointly owned property in the event that one of the owners is to pass away.
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As an estate planning tool, the Survivorship Deed works with both commercial and residential properties. The deed ensures if a co-owner of the property is to die, the surviving co-owners can avoid obstacles such as probate.
The Survivorship Deed is commonly used for families if you want to leave your property share with a spouse or child.
If you plan to transfer your property rights to your spouse or anyone else, it gets more complicated if you live in the property as a joint tenant and have a joint tenancy agreement. A Survivorship Deed can help. It is essential to clarify who is involved in the joint tenant agreement and how the rights are to be distributed. After the Survivorship Deed is prepared, all the tenants will continue to have their rights to the property as they did before.
Only in the event of one of the property owners' death is the title transferred to the co-owners. Spouses often use this estate planning tool to bypass probate and receive the other spouse's portion of the property directly upon death.
Depending on your state, a Survivorship Deed may also be known as:
Survivorship Tenancy Deed
Right of Survivorship Deed
Affidavit of Survivorship
Joint Survivorship Deed
In most cases, spouses and other family members use a Survivorship Deed to secure the property's safe transfer to their loved ones. In some cases, it could be among siblings or extended family. Many people might own the property. The Survivorship Deed ensures that one joint owner's share is equally distributed among all others in the event of death.
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Getting a Survivorship Deed is an excellent way to spare your loved ones the trouble of probate in the event of your death. With the provision of a few key details, you can rely on 360 Legal Forms to create a Survivorship Deed satisfying all federal and local laws.
Let 360 Legal Forms help with our extensive library of attorney-vetted legal forms. The process is fast and easy. All you have to do is fill out our easy-to-understand questionnaire. Once complete, simply download your form as a PDF or Word document from your secure online account.
To create your document, please provide:
Location: The state the property is located.
Grantor's information: The legal name, address, and marital status of the grantor.
Grantee's information: The legal name, address, and marital status of the person inheriting the property.
Legal description of the property: Identification info about the property concerning the deed as recorded at the country clerk office.
Recording details: The page and number of the property in the deeds book.
Signatures: Both grantor and grantee put their signatures on the document.
Grantor: A person owning part of the property to be passed on to the grantees.
Grantee: A person receiving the grantor's interest in the property.
Witness: A person witnessing the grantor and grantee signing the deed and can thus verify the act.
Affidavit: A written statement used as evidence in court.
Probate: This is a legal process to review and carry out a will, including the estate distribution, if there is no will.
Estate: The assets and properties a person owns in life or death.
Deed: A legal document proving or transferring the ownership of real property.
Before signing the document, you want to review it thoroughly before both the grantor and the grantee(s) sign the Survivorship Deed. In some states, you will need a witness to the signatories as well. For all states, the notary public will be the one required witness also to notarize the document.
Post notarization, you will need to file the Survivorship Deed with the county recorder's office. Also, throughout your lifetime, you might have to update the deed from time to time if your interest in the property owned is to change.
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