What is the right of survivorship?

Right of survivorship is a legal term used in property law in Alaska. It is a right that applies to certain types of ownership of real estate or other property. It states that when one owner of the property passes away, their surviving joint owner(s) acquire full ownership rights over the property. This means that the surviving owner does not have to go through the lengthy and expensive legal process of probating the deceased owner’s half of the property. Right of survivorship is usually used when two or more owners purchase a property together and sign a deed indicating their ownership as "joint tenants with right of survivorship." This type of arrangement gives each of the owners an equal share of the property and the right to transfer their portion to any other joint owner upon their death. Upon the death of one of the owners, the property transfers directly to the living owner(s). This is referred to as "right of survivorship." Right of survivorship can also apply to accounts at banks and other financial institutions, as well as to other forms of ownership such as vehicles and stocks. This type of ownership arrangement is advantageous to both living and deceased owners because it ensures that a person’s half of the property is passed on properly and with less hassle.

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What is the right of survivorship?

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