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.
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
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 >
In real property transactions, a deed of assignment is a legal document that transfers the interest of the owner of that interest to the person to whom it is assigned, the assignee. When ownership is transferred, the deed of assignment shows the new legal owner of the property.Full Answer >