With Benefit Of Survivorship
What Does With Benefit Of Survivorship Mean?
“With the benefit of survivorship” refers to a legal arrangement where ownership of a joint tenant property transfers directly to the surviving tenant or tenants upon the death of one tenant. This differs from ownership arrangements where the property passes to the deceased tenant’s heirs. The benefit of survivorship can play a significant role in property insurance, as it determines who has the right to make claims and who is ultimately entitled to the property.
Insuranceopedia Explains With Benefit Of Survivorship
An example of the benefit of survivorship is a situation where two business partners jointly own a rental property as joint tenants. If one partner dies, the surviving partner—referred to as the survivor—automatically inherits the deceased partner’s share of the property. Once the surviving partner becomes the sole owner, they assume full responsibility for the property, including obligations such as paying taxes and purchasing property insurance for the rental property.
