What is a Survivorship Deed, and Why is it Important?

What is a Survivorship Deed, and Why is it Important?

In Ohio, a survivorship deed creates a “joint tenancy” between two or more owners. It ensures that the interest rights of a property will be passed to the surviving owner(s) in the event of the other tenant’s death automatically. Without a survivorship deed, the surviving tenant(s) may have to begin proceedings in a probate court to have the property interests legally transferred, even if the property was owned by two people who have been married and residing in the property together for years.

In addition to providing a means to bypass probate courts, the survivorship deed also grants that each tenant holds an equal share of the title and each has an equal right to occupancy and use of the property. This also means that any profits or any costs related to the ownership or use of the property are equally shared among the owners. Upon the death of one owner, the survivorship deed proportionally transfers all rights and interests to the survivor(s).

In some situations, the survivorship deed may conflict with an owner’s will or estate plans. In most cases, the survivorship deed will override the provisions included in a will or estate plan. Therefore, it is important to review all estate planning with a trusted attorney.

The lawyers at Hoover Kacyon, LLC., are dedicated to supporting our clients. We deliver the highest quality legal representation from a team of professionals while also providing excellent customer service. Call us at 330-922-4491 or contact us online to make an appointment.