Right of survivorship

[jaf1]

Anyone have any advice or experience with right of survivorship. Wife is dealing with major health problems.

 

[Bagman]

Not an attorney. Just a Google search:

n Georgia, a right of survivorship means a surviving co-owner automatically inherits the deceased owner's share of a property, avoiding probate. To establish this, the deed or title must expressly state "joint tenants with rights of survivorship" or similar language. Without this specific wording, property held by multiple owners is presumed to be a tenancy in common, where the deceased's share passes through their estate via a will or intestacy laws.
How it works

1. 1. Express Agreement is Key:
   Unlike some other states, Georgia does not automatically grant survivorship rights. The deed or title document is the crucial element that creates the right of survivorship.
   
   
2. • 2. Avoids Probate:
     When a joint tenant with survivorship rights dies, their interest in the property automatically passes to the surviving owner(s), bypassing the probate process and its associated delays and costs.
     
   • 3. Not for All Property:
     The right of survivorship can be created in deeds for real estate and in certain financial accounts.
     

Default Rule in Georgia: Tenancy in Common

• • If the deed does not specify "joint tenants with rights of survivorship" or essentially the same language, the co-owners are considered tenants in common.
    
  • In a tenancy in common, the deceased owner's share goes to their beneficiaries or heirs as outlined in their will or by Georgia's intestate succession laws.

 

[basstracker89]

On the deed, that is the key. Every piece of property we own is set up that way. Then make sure all financial accounts have both names on it. Or at least the beneficiary. That includes all bills and credit cards. Otherwise you'll have a real time getting that all straight. If you don't have a will, better get one. Power of attorney and a living will is another. Have it professionally done. It's a real bear these days if you don't

 

[hamburglar3]

Avoid being just a beneficiary on accounts. Bank will close account and cash you out. Sounds good until you start receiving checks in deceased name and no account for deposit. Even if not primary account, have a joint account so you can take action/pay bills in their name. Learned from personal experience

 

[palmettomoon]

And IF there was a previous marriage, and an account has that divorced person's name on it? Close that immediately (under ANY circumstances) and open a new account if needed. Learned the hard way with by dad's ex-wife. Bitch cleaned out and closed HIS checking account after he died. She had NEVER made a deposit into that account in her entire life, married to him or divorced.

 

[Hayata]

Prayers for you and your wife's family.

 

[jaf1]

Prayers for you and your wife's family.

Her family is the problem.

 

[My name is Homer]

Her family is the problem.

I'd also hurry and get a rock solid Legal Will and power of attorney done ASAP. Leave nothing to chance, it sucks to be drawn into legal issues with extended family after loved ones have passed.

 

[renagadeinjun]

Prayers indeed .........

 

[Gunanddoglover]

Consult an attorney not ODT.