Right of Survivorship definition

Right of Survivorship means that upon the death of an owner, the decedent’s share of the account will be owned equally by all surviving owners. If no surviving owners, funds are distributed equally among the surviving beneficiaries, if any. If no surviving owners or beneficiaries, funds in the account are subject to the probate laws of the State of California.

Right of Survivorship means that upon the death of an owner, the decedent’s share of the account will be owned equally by all surviving owners. If no surviving owners, funds are distributed equally among the surviving beneficiaries, if any. If no surviving owners or beneficiaries, funds in the account are subject to the probate laws of the State of California. The primary Member, acting alone, shall have the right to change the ownership structure of any account(s) by executing and dating a new membership application/signature card on file with the Credit Union bearing the most recent date.

Right of Survivorship means, in respect of a Joint Account, the surviving Client(s) right to the entire interest in the Joint Account upon the death of the other Client; and

Examples of Right of Survivorship in a sentence

• The owner of an account registered in TOD form must be a natural person, two natural persons holding the account as Tenants by the Entireties (“TEN ENT”), or two or more natural persons holding the account as Joint Tenants with Right of Survivorship (“JT TEN”).

• All Forever Business Owner Applications that contain two signatures, regardless of when signed, shall be treated as creating a Joint Tenancy with Right of Survivorship.

• If the Distributor application of a legally married person has checked the marital status box as being Married, but the application only contains the signature of one of the married parties, the company will treat the Forever Business as being a Joint Tenancy with Right of Survivorship.

• The Company recognizes Joint Tenancy with Right of Survivorship and use of Grantor Trusts as legal means of holding a Forever Business and in the event of an FBO’s death, a means of transferring the Forever Business to the Survivor or named beneficiary respectively without having to go through probate proceeding to get the property to the intended heir.

• If the FBO lives in a community property state, the treatment will be that of Community Property with Right of Survivorship.

• Your Joint Account will automatically be set up as a Joint Account With Right of Survivorship, unless you designate otherwise at the time of account setup.

• If the Joint Tenants with Right of Survivorship box has been marked, on the death of any account holder, the deceased party’s ownership of the account passes to the surviving account holders.

• A P.O.D. designation on an Account designated as joint With Right of Survivorship means that during your lifetime, the funds in an Account are payable to the Account Holders and upon the death of the last Account Holder, the funds are payable to any designated and surviving P.O.D. beneficiary named on the controlling account or other account documentation or records in our system.

• If the Distributor lives in a community property state, the treatment will be that of Community Property with Right of Survivorship.

• All FLP Distributor applications that contain two signatures, regardless of when signed, shall be treated as creating a Joint Tenancy with Right of Survivorship.

More Definitions of Right of Survivorship

Right of Survivorship means that upon the death of an owner, the decedent’s share of the account will be owned equally by all surviving owners. If no surviving owners, funds are distributed equally among the surviving beneficiaries, if any. If no surviving owners or beneficiaries, funds in the account are subject to the probate laws of the State of California. The primary Member, acting alone, shall have the right to change the ownership structure of any account(s) by executing and dating a new Membership application/signature card. We shall recognize as joint owners, survivors and beneficiaries those parties appearing on the Membership application/signature card on file with the Credit Union bearing the most recent date.

Right of Survivorship means if an Owner dies, the deceased Owner’s portion will pass to the survivor(s) equally otherwise to the estate of whichever said Owners is the last to die. “Tenants-in-Common” means if an Owner dies, the deceased Owner’s portion will pass to the estate of that deceased Owner. Note: If the Insured’s name has changed, additional documentation is required.