Does anyone know anything about a deed of survivalship, or something like that?
Randy called me last night. He ad Jo just had their wills drawn up and their attorney told him that of he should die tomorrow, his estate would receive nothing of the property sale without a deed of survivalship assigning the property to Jo or his executors. He advised me to do this as well, since it may be our estates that actually see a sale.
The deed should be NOT be set up as A joint tenancy or joint tenancy with right of survivorship (JTROS, JTWROS or JT TEN WROS)
That is a type of concurrent estate in which co-owners have a right of survivorship, meaning that if one owner dies, that owner's interest in the property will pass to the surviving owner or owners by operation of law, and avoiding probate
So if one of you dies the surviving owners own the whole property, it does not go to to your estate
What you want is tenants in common, Tenats in common have no rights of survivorship. Unless the deceased individual's will specifies that his or her interest in the property is to be divided among the surviving owners, a deceased tenant in common's interest belongs to his or her estate.
