A survivorship deed is considered a warranty deed with survivorship rights, but can also be a quitclaim deed or fiduciary deed depending on the language that is used in the deed. A survivorship deed means that if one of the owners dies, the property will transfer automatically to the surviving owner, without having to go to probate court upon the first death. After the last survivor dies, the family may have to go to probate to divide the property.
An example of a survivorship deed is deed in the names of two or more parties that is held as joint tenants with right of survivorship, or a deed held as husband and wife, as community property.
A survivorship Deed is a form of deed that is most commonly used when a husband and wife purchase real property together because they want to ensure that the property goes to the other spouse upon one spouse's death. It is also recommended to be used between parents and children, siblings and also unrelated joint tenants. If you want to divide property equally among several people, a survivorship deed is not recommended.
The issue of transferring property is extremely important. It is typically a person's most valuable asset so it is necessary to transfer it properly. It is recommended that you hire an estate planning attorney when you are buying or transferring real estate. Estate tax laws are complicated and an estate planning attorney can advise you of the best ways to hold title when transferring real property.