A survivorship deed is a legal document that establishes joint tenancy of property between two parties. When one party dies, the surviving party automatically inherits the deceased's part of the property.Know More
A survivorship deed negates the need for probate. When the surviving party dies, the property then goes into probate before it is passed to any heirs. Survivorship deeds are generally used by couples who want to ensure that the surviving partner is able to quickly take possession of the property after the other party dies.
A survivorship deed isn't used if there are more than two owners of a property.Learn more in Financial Planning
An escrow agreement is a legal document that defines the parameters of an escrow exchange. It names all parties involved, including the payor, payee and escrow agent. Escrow agreement may also refer to a document issued by a bank certifying securities and deposits held at that bank.Full Answer >
Five Wishes is a legal document that was written under the direction of the American Bar Association's Commission on Law and Aging, states Friends of Hospice. As long as the signing directions are followed, it is valid as it is in most states.Full Answer >
A medical power of attorney is a legal document where one person, the principal, gives another person, the agent, the right to make medical decisions for the principal when he is incapacitated. The American Bar Association recommends confirming a potential agent's willingness to carry out the document before finalizing it.Full Answer >
A beneficiary deed allows a property owner to name a beneficiary who obtains the title to the property at the owner’s death without the hassle of probate, according to Susan N. Gary writing for the American Bar Association. It is also known as a transfer-on-death deed.Full Answer >