✧ Many people know that in joint ownership of real estate (joint tenancy) the share of the deceased owner after his/her death goes to the survivors of the deceased owners. It’s called survivorship rights.
✧ For this reason, relatives often buy real estate as joint tenants. If one of two joint owners dies, the second will inherit real estate without the need to file documents to the court.
✧ Few people know what in fact, the right of such a transition is only the right which shall be utilized. On its own, the transition of property from a deceased owner to the surviving owner does not happen. A real estate lawyer can assist in the transfer of the share of the deceased to the surviving owner.
✧ If such steps have not been taken in a timely manner, it may complicate the lives of loved ones, if, for example, a surviving owner becomes incapable or dies, then his/her heirs will have to deal with the transfer/disposal of the real estate property, but these heirs will not have the survivorship rights and the process of transferring the property to the heir’s names might be long and costly.
✧ If you need assistance in transferring a share of the real estate property under survivorship rights, our office offers such services. Please, call 289-848-0096 for the details.