Survivorship definition
Survivorship means an interest in real or personal property that expires upon the death of an individual whereby the Interest of the individual's co-owners automatically expands to the same extent without necessity for any act of transfer or distribution.
Survivorship. The right of survivorship for these purposes is the entitlement in law of the survivor(s) of two or more holders of a joint account to the proceeds of that account. “The Aggressive Investor” prefers an investment portfolio that is expected to yield very high returns, but may have significant fluctuations in value.
Survivorship is when the remaining joint tenant becomes a sole tenant on the death of a joint tenant. Survivorship is statutory succession. The remaining joint tenant is classified as a “successor” so there are no further succession rights e.g. if the tenant re-marries, their new spouse has no rights to succeed the tenancy. A new tenancy is not issued.
Examples of Survivorship in a sentence
Joint Ownership Without Rights of Survivorship (Virginia Residents Only).
Unless otherwise specified in written account documents, all multiple party accounts with the credit union are with Rights of Survivorship, meaning that upon the death of any owner, that person's interest in the account passes to the surviving owners.
More Definitions of Survivorship
Survivorship means to live for at least thirty (30) days past the designated event. No beneficiary shall be considered to have survived a Settlor’s death, the death of a prior beneficiary, or the event terminating any trust (and be entitled to any trust funds) unless the beneficiary survives for at least thirty (30) days after the event. Any beneficiary required to survive any other person, who fails to survive the other person by thirty (30) days, shall be deemed to have predeceased that person. If it cannot be established whether a beneficiary has survived by thirty (30) days, the beneficiary shall be deemed to have failed to survive for the required time. Except as otherwise expressly provided, any gift or bequest to any person made contingent upon the survivorship of that person shall lapse and shall not be made if the conditions of survivorship stated in this section or elsewhere in this Trust Agreement are not met. The lapsed gifts or bequests shall pass instead as part of the residue of the trust from which the gifts or bequests were directed to be made. The foregoing provisions shall not apply, however, to the Surviving Spouse.