Posted on May 14th, 2024

When it comes to owning property, understanding the different types of ownership structures can be crucial, especially for estate planning.

One such structure is survivorship property.

This blog post will delve into what owning a property with the right of survivorship entails, how to hold such property, and key factors to consider.

By the end, you will have a clear understanding of survivorship property and how it can benefit you as a property owner.

Additionally, we will compare survivorship property with other forms of ownership and discuss important legal considerations in New York.

Let’s explore the advantages and nuances of survivorship property in greater detail.

What is Survivorship Property?

Survivorship property refers to a form of joint ownership where the surviving owners automatically inherit a deceased owner’s share.

This type of property ownership is particularly advantageous as it bypasses the lengthy and often costly probate process.

Survivorship property ensures a seamless transfer of ownership upon the death of an owner, preventing delays and additional expenses associated with probate.

This is beneficial for those looking to simplify the inheritance process.

Types of Survivorship Property:

In New York, survivorship property can be held through either joint tenancy or tenancy by the entirety.

Both methods ensure that the property is directly transferred to the surviving owner(s) without the need for probate, providing clarity and security for all parties involved.

How to Hold Survivorship Property

To hold property with the right of survivorship, it is essential to understand the two primary methods available in New York: joint tenancy and tenancy by the entirety.

Joint Tenancy:

This method requires that all owners hold equal shares and have equal access to the property.

In the event of one owner’s death, the property automatically transfers to the surviving owners.

This type of ownership is common among unmarried individuals or business partners who wish to ensure a seamless transfer of property without going through probate.

Tenancy by the Entirety:

This option is available only to married couples.

It not only includes the right of survivorship but also provides protection from creditors.

The property is considered a single legal entity, and upon the death of one spouse, the property automatically transfers to the surviving spouse, ensuring that the surviving spouse retains full ownership and control.

Understanding these methods and choosing the right one is crucial for effective estate planning and property management.

Key Factors to Consider

When considering holding property as survivorship property, there are several key factors to keep in mind:

1. Equal Ownership: For joint tenancy, each owner must hold an equal share of the property. This means that all decisions regarding the property must be unanimous among the owners.
2. Full Access: All joint tenants have equal rights to access and use the property. This can be both a benefit and a drawback, depending on the relationship and agreement between the owners.
3. Creditor Protection: Tenancy by the entirety offers a significant advantage in protecting the property from the creditors of one spouse. However, it is only available to married couples.
4. Seamless Transfer: The primary advantage of survivorship property is the seamless transfer of ownership upon the death of an owner, avoiding the probate process.

Comparing Survivorship Property and Tenants in Common

It is also important to understand the distinction between survivorship property and tenants in common.

While joint tenancy and tenancy by the entirety include the right of survivorship, tenants in common do not.

In a tenants in common arrangement, each owner can hold a different percentage of ownership, and their share can be passed on to heirs through a will, necessitating probate.

Legal Considerations in New York

When dealing with survivorship property in New York, it is essential to understand the legal requirements and implications.

Properly setting up ownership can ensure that your intentions are clearly reflected and executed.

• Clear Language in Deeds: It is crucial to explicitly state the right of survivorship in the property deed. This prevents any legal ambiguity and ensures the property transfers as intended.
• Joint Tenancy: Requires equal ownership shares and must include the right of survivorship to avoid probate.
• Tenancy by the Entirety: Available only to married couples, this provides both survivorship rights and creditor protection.
• Accuracy and Detail: Ensure all legal documents are accurately drafted and detailed to reflect the specific type of survivorship property and the rights of the owners.

By adhering to these legal considerations, property owners in New York can ensure a smooth and effective transfer of property rights.

How We Support Homeowners with Survivorship Property

At the Law Offices of Radley Baine, we understand the intricacies of managing and holding survivorship property.

As a licensed real estate attorney practicing in New York and Connecticut since 2008, Radley Baine, offers personalized legal services tailored to meet your unique needs.

Our client-focused approach ensures that every aspect of your case is handled with the utmost care and expertise.

Are you ready to embark on the journey of securing your dream home?

Let us represent you and make the process seamless.

Our extensive experience in real estate law ensures your interests are protected at every step.

From reviewing contracts and negotiating terms to conducting due diligence and ensuring a smooth closing, we’ve got you covered.

Whether you're a first-time homebuyer or an experienced investor, we will guide you through the process with expertise and care.

Securing Your Property’s Future

Understanding survivorship property and its various ownership structures is crucial for effective estate planning and property management.

This type of ownership, which includes joint tenancy and tenancy by the entirety, offers seamless transfer of property upon an owner's death, bypassing probate and providing significant benefits such as creditor protection.

Key factors to consider include equal ownership, full access, and the legal requirements in New York to ensure your intentions are clearly executed.

At the Law Offices of Radley Baine, we specialize in helping homeowners navigate these complexities.

With our extensive experience and personalized approach, we ensure your interests are protected at every step.

Contact us at (917) 656-0050 or [email protected] to learn how we can assist you with your property needs.