Right of survivorship is a legal status for the joint ownership of real property such as land or a home. Property that is owned in this manner is not subject to the probate process, instead the ownership automatically passes to the survivor. The remaining survivor owns the land or real estate solely when this happens; however, the remaining balance for the real estate is not automatically paid off. The survivor must continue making payments if the property is not already paid for.
Ownership Status
Right of survivorship is an ownership status that applies individually to specific property. A man and wife may choose to jointly purchase their home with the right of survivorship, for example, and they co-own that property until the man or wife passes away. If the wife passes away, the home is automatically owned solely by the husband. The ownership and survivor status of the home does not affect the status of other real property such as a vehicle or a second home.
Property Debt
When one owner dies, the property he jointly owned with his partner does not automatically become paid in full. If a mortgage existed before the man's death, the joint owner of the property must continue making mortgage payments until the debt is paid in full. Property owned in the right of survivorship status does not get included in an estate probate case, thus it is not paid off with other estate debts.
Other Estate Assets
Probate assets are those a man or woman own individually at the time of his or her death. These estate assets are valued by the court or estate administrator and used to pay off all other outstanding debts the decedent left behind. A property that is owned jointly with the right to survivorship does not get included in the estate assets because it automatically passes ownership to the joint owner.
Other Estate Debts
The estate administrator also collects a list of all outstanding debts the decedent left behind, so that he can pay them off using the assets of the estate. Since property that is owned in the right to survivorship capacity is not included in the probate process, remaining debts for that property are not included for estate payoff.
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